Offer Competitive Products and Services to Avoid Business Closure

By QuickBooks Canada Team

1 min read

Surviving in the small business world means keeping your products and services competitive. Depending on your product or service, staying competitive may mean offering a lower price, building in extra features, or offering a new spin on an established product. Your first step is to identify what your competitors are doing and find ways to do it better. Spend time collecting information about your competition’s strengths and weaknesses. If customers complain that the competition charges too much for a product, find ways to cut costs so you can lower your prices. Look into switching wholesalers, negotiating new contracts, or changing up your packaging to offer a lower retail price. Extra features are a great way to put yourself ahead of the competition. These can be as elaborate as new software features or as simple as a built-in warranty, technical support, or a satisfaction guarantee. If your product or service leaves room for innovation, look into implementing a new twist that brings in customers. Maybe your competitor sells soy candles, and you have access to a unique coconut-soy blend that’s more highly fragranced. Market your new product as a quality alternative to your competitor’s. No matter which strategy you use to stay ahead of the competition, make sure you’re continually monitoring your product’s performance and that of your competitor’s. A regular competitive analysis and the ability to adapt are crucial to any business’s success.

References & Resources

Information may be abridged and therefore incomplete. This document/information does not constitute, and should not be considered a substitute for, legal or financial advice. Each financial situation is different, the advice provided is intended to be general. Please contact your financial or legal advisors for information specific to your situation.

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