Hello everyone, this is Arpit Rana from learnsomebusiness.com and today I am going to talk about the top 10 reasons why your competitors are making more money.
So if you are in hurry, these are the reasons of why your competitor is making more money-
- Social presence
- Multiple income sources
These are the reasons and the solutions for making more money
- Behavior – Many people will not accept it but the main reason for their failure in business is not good behavior. You can yourself see that in most cases the person who is actually behaving nicely with customers have most customers in the shop. Even in the case of online businesses, try to reply to every comment and nicely talk in fan pages.
- Presence- Where are you present also plays an important role in business, you may have seen that shops on the road do better business then shops not on the roadside. In the case of online businesses, the presence on the first page of Google is very important.
- Social Presence- You should be present in social media for both online and offline business as there are many benefits of doing so. Some of the common reasons are an improvement in page ranking, social media proofs, etc.
- Links- As in online businesses making backlinks is very important for ranking higher. Same way linking is also important in offline businesses. Suppose you have a sweetshop and person asks from clothes store that which sweetshop is best and cloth store recommends you then it will directly increase your sales.
- Pricing- Pricing of a product also plays an important role, some shopkeepers or websites sells at max price. Some sell at less price. Many people think that selling at less price is the best option but it is not. People associate cheap quality with less price. So, you have to sell good products at a price bracket between lowest to medium price.
For example – Suppose you are selling books. There are different kinds of books, some with hardcover, some with bad print. You have to sell the books with good print and soft cover. This will keep the price bracket in the required place.
6. Offers- Buy one get one free, exchange and get 1,000 USD discount and what not? Don’t you think, this is something you see every day? When I explained art of making sales, I explained how it is important to create urgency for making sales. Offers also help a lot in creating urgency.
7. Speed- Just tell me, a 10 days delivery or a 5 days delivery which one will you prefer first if all other conditions are the same. So, your delivery speed should be better. By delivery, I mean product delivery, website loading, customer care response, etc.
8. Updation- Updation here refers to updating to new trends and technologies. The best example of it is Blackberry, blackberry doesn’t become updated like other companies. They remain preferring their OS and physical keypad while other companies are making touch screen devices with Android.
9. Multiple income sources- Business don’t perform well always, so you should have multiple sources of income. Whether it be online or offline, always have more than one source of income. I also advise to bloggers to have multiple sources of income like affiliate advertising, display advertisements etc.
10. Feedback- What is the best way to improve your company? Feedback and surveys. Be ready to take feedbacks and surveys, it will directly tell you about your mistakes and you can improve them in no time.
So, do you know any more techniques that I don’t mention?