4 Ways to Steal Your Competition’s Customers

In the small business world, a little competition is healthy. The smart small business owner is constantly looking for ways to keep their company current and appealing to potential and existing customers. As a result, many business owners are looking for new and creative ways to steal business from their competition. Here are four legal ways you can woo your competitor’s customers to your products and/or services:

1. Market Research

Extensive market research is key to finding out what your competitors are doing right -- what they are lacking and what your customers are looking for in your industry. If you are in the same city as your competition, scout the area and make a checklist of physical advantages that your competitor may have. Do they have a better location, better parking or increased security? Whatever the differences, be sure to address these at your own location to meet customer expectations.

Conduct a poll of your current customers to find out what they do and do not like about your services, as they exist now. Based on the suggestions and the example of your competitors, you might want to make adjustments to accommodate these requests, such as updating bathroom facilities, revamping your web site or making signage more visually appealing.


2. Better Your Brand

Expand your current product line with new and helpful goods or services. If you have a hair salon, you might consider bringing in a waxing specialist or an aesthetician to perform complimentary services on your clients as they get their hair done. Similarly, a hot dog vendor may combine with an ice cream vendor to offer tasty treats to the same customer base to increase revenue and value.

3. Beat The Lowest Price

It sounds obvious, but if you can’t beat your competitor’s price, you have an uphill battle to fight. Particularly in periods of economic recession, it all comes down to who offers a lower price for comparable service. In order to slash prices, you will need to find other ways to save money, including cutting back on office expenses, transportation costs and frivolous spending.

4. Stay on Top

Once you’ve secured your competitor’s customers, to keep them, you have to earn their trust. If you keep your customers happy, your competition will have a very hard time getting them back from you. Make sure your employees are trained in the highest level of customer service and offer fair return policies so that customers feel safe shopping with you.

Continue to entice potential clients with your marketing efforts. Even in tough economic times, don’t scale back on your advertising budget! If you do this, you are sure to decrease visibility and sales. Some of your competitors are bound to make the mistake of cutting back on ads and mailings, so you should be there to pounce the moment they miss a step.

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