PHL Tech Magazine

Post: How to Gain a Competitive Edge in the Market



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When it comes to operating as a business, you have all the rewards and risks. That makes achieving, much less maintaining, a competitive edge in your market a big challenge. You need to work out how to cut costs as low as possible without sacrificing quality. You also need to figure out how to market your brand better and position yourself to best appeal to your customers. This can be done either by enhancing your brand to appeal to higher-paying customers or bringing in a massive amount of budget hunters aiming to get good products for less.

There’s no right or wrong way when it comes to selling. Just work with your strengths and finding your customer base. All of that takes time, and it takes trial and error. You’ll find faster and more immediate results in your own operations. How you operate determines how profitable you are, how great your customer service is, and how competitive your business is in comparison to your competitors. To help you get started with accomplishing all those behind-the-scene goals, start with these top tips:

Unlock Wholesale Pricing

One of the best and easiest ways to get your stock for less is to buy wholesale. You can buy absolutely everything wholesale, from foodstuffs to perfumes. In fact, it’s typically the go-to option for businesses flat-out. There’s a reason why wholesalers are only available for businesses in the first place. You can buy the number of perfumes and colognes you need at a lower price-per-unit from online wholesalers like just by signing up.

However, if your business is very small, you may find that you can’t yet afford the minimum order. That’s okay! What you are going to want to do is partner with another business. Not all competitors are direct competitors. If you have a perfume kiosk in one mall, then working with another kiosk owner in a different mall isn’t going to hurt your business. Instead, you can partner together to place a bulk order and then split the costs.

Boost the Customer Experience

Consider what your customers want and need to make a purchase. Take that perfume shop, for example. When too many perfumes are going at once, it can be very hard to tell the difference between options. Keeping all your perfumes sealed, having a good ventilation option, and then helping customers try out different scents one at a time can help them pay attention to the single individual scent. You can also have a digital quiz to help them pick out what type of perfume best suits them. Of course, having unrivaled personal knowledge and the ability to determine what a customer would like based on their personality and even what they want to use the perfume for cannot be beaten.

Automate What You Can, When You Can

There are so many tools out there today that can help you automate the admin tasks of your business with absolute ease. This is particularly true with the arrival of AI. Use AI tools to tackle things like data analysis, inventory management, and even accounting. You can spend less time on those boring admin tasks you hate while saving energy to focus on the customer-facing sides of your business. AI tools can help small businesses save and gain that competitive edge.

Lora Helmin

Lora Helmin

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