7 ways for companies to stay competitive in 2020

There is no denying we are living in a golden age of entrepreneurship – the pool of fresh business ideas seems almost inexhaustible, various funding channels are probably more numerous than ever and the rise of web technologies has pretty much leveled the marketing playing field. So, the time for running your own business definitely looks as good as ever.

However, you have to keep in mind you are not the only person that came up with this idea. On the contrary, the ease of access we talked above has made the business world incredibly competitive, and proving you deserve to stay in the game requires a lot of hard work, careful planning, and strong brand identity. Let us, then, take a look at a couple of ways to make your company competitive in 2020.

7 ways for companies to stay competitive in 2020

Constantly reinvent yourself

Playing the card of tradition and familiarity is something reserved for industry giants with a decades-long history like, for instance, Coca Cola. Smaller companies don’t have that privilege and need to constantly re-invent themselves and push the boundaries of the industry to stay relevant. So, forget about the old proverb that says if it ain’t broke don’t fix it and embrace new philosophy – if you are not disrupting the industry, you will end up disrupted. The world around us is moving too fast to allow us resting on the laurels for too long.

7 ways for companies to stay competitive in 2020

Sway the people with killer customer service

Of course, no matter how creative you are, you will always come to the point where you, at the moment, can’t push your products and services any further. So, what should you do when you hit this imaginary wall? It’s easy – you continue perfecting your customer service. According to a recent Aspect Software research, as much as 76% of customers look at customer service as a true test of competence of one brand. So, go out of the way to prove to your clients you are willing to listen to their problems and solve them as soon as possible.

7 ways for companies to stay competitive in 2020

Breach the global market with an online shop

Working in a local market has become too limiting for true growth. This seems to be the fact realized by everyone. Don’t believe us – just take a look at the blooming B2B eCommerce market. These days even the refined tools like quality oilfield equipment can be purchased with nothing more than a couple of clicks. With the things as they are missing the opportunity to push your products to the regional, if not global market by opening an online shop can only set your business years behind more enterprising competitors.

7 ways for companies to stay competitive in 2020

Start a blog

First and foremost, the blog makes a launching pad for all of your future content marketing and SEO efforts. But, even if we put these technical topics aside the fact remains that by putting out quality, informative and well-written content you are offering your existing and future customers something useful for free. And people can’t say no to free stuff. But, that’s not all. Writing relevant articles will also allow you to position yourself as an authority in your industry and increase popularity amongst the people who have not (yet) decided to become your clients.

7 ways for companies to stay competitive in 2020

Start outsourcing

As we already mentioned above, businesses need to stay at the top of their game and constantly look for more efficient operational solutions to avoid being outpaced. Doing this is hard-enough even if we limit discussion to core duties – don’t make yourself disfavor of playing a catch-up game in areas like marketing and bookkeeping. What you should do instead is to outsource these vital departments to the companies whose basic purpose is to stay relevant and competitive in their own industries.

7 ways for companies to stay competitive in 2020

Go back to basics with referral marketing

The growing number of marketing channels has made the entire online environment saturated and, quite honestly, a bit annoying. Throw that into combination with the growing distrust toward established media outlets and you will get a perfect situation to strike home by going back to basics and investing in good old referral marketing. In spite of all the creative ways of marketing your products, the recent survey says that as much as 92% of consumers trust recommendations from friends the most.

7 ways for companies to stay competitive in 2020

Be responsible and offer a guarantee

You don’t have to showcase some incredible feats of competence – regular things will suffice. Take for instance the next day delivery. Nothing too far-fetched, right? But, ask yourself this – would you rather purchase from the company that can comply with this reasonable demand with 100% assurance, or the ones that don’t offer such a guarantee? The ironic thing is that 99% of companies out there are able to make this possible. However, the customers will eventually opt for the ones they feel they can trust. 

We hope these seven tips gave you some general idea of the best practices that will keep your business relevant and competitive in the year to come. The world around is evolving at a rapid pace. In order to be able to meet the challenges of this ever-changing environment, your business needs to be agile and ready to evolve as well. Now, at least, you know where to start.