Top Ten Ways to Beat Business Competition

Posted by Stephen Taylor on September 8th, 2021

To ensure success in business, brands need to find ways to stay a step ahead of the competition. Doing so is often a daunting task, and there is no simple answer to the question - how to beat business competition. Competition is prevalent in every market. Intelligent Brands nullify the effect of competition in order to increase revenues and ROI. 

In the competitive business landscape of 2021 with COVID pandemic still playing havoc, businesses should try taking an easier road to overcoming competition. Instead of matching to their competitor\'s feature for feature blindly, they should start embracing breakthrough technologies like moLotus. Tech-savvy global brands have neatly sidestepped their growing competition and worked towards creating their own, new ‘blue ocean’ markets. They have capitalized on the targeted mobile advertising that tools and technologies have made possible. For instance, the on-going global consolidation of telecom markets has led to intense competition and to the quick adoption of new marketing technologies in order to stay ahead of competitors. For Telcos, many markets are saturated, and there is little to no untapped customer base left to target, leaving them battling for the same customers. Technologies like moLotus have opened up untapped or less tapped markets like the SMB market for them. 

Here are ten simple, yet powerful ways to beat your competition :

1. Embrace Conversational Marketing

A great way for businesses to beat competition and get customers more engaged is by adding unique interactive elements to communication. Conversational marketing with multiple interaction options is being embraced by more and more brands. Tools like moLotus with multiple customer response options like SMS, Callback, Click URL, etc., are being the primary choice of big brands. They are interacting more with customers not only about their products and services, but also innovative uses of them, striking a chord with customers and beating the fierce competition.

2. Adopt Hyper-personalized Marketing

Standing out in the competition has been a big challenge for businesses. By personalizing their marketing campaigns they can easily conquer the challenge. Personalization is the key differentiator for advertising. Mobile advertising is the only way to create a personalized experience. New-age advertising platforms like moLotus offer new ways to deal with business competition via innovative hyper-personalized campaigns. It offers personalization options such as name, greeting, reward, etc., making ads highly effective. By creating hyper-personalized offers businesses can better engage their customer base. The spam-free, personalized mobile ads reach directly to the inbox of the customer and stay there until deleted by the customer himself. 

3. Transform Customer Processes

Following the onset of COVID-19 in 2020, the pace of customer process transformation has accelerated replacing the traditional processes. Digital transformation is being seen as one of the biggest weapons of outsmarting competition. With breakthrough transformation platforms like moLotus playing the pivotal role, digital transformation is driving high margin revenues for businesses improving the customer processes with speed, agility, and cost savings. moLotus mobile transformation is assisting brands in Big Data management, new customer onboarding, getting more conversions via mobile document submission, automating and streamlining recurring services, replacing plastic cards with mobile cards, and more.

4. Use Rich Media Marketing

The pandemic has made customers relate more to rich media.  Video advertising is topping the list. To produce high-performing advertising, rich media usage is expected to surge further as more and more brands adopt it. Brands are embracing moLotus rich media advertising to stay ahead of the competition, amplifying advertising efforts with the distribution of 5 dynamic rich media formats - Video, Slideshow, Brochure, Greetings & Showcase. With the high-impact video ads of 40 sec, moLotus is expected to be the most preferred tool for businesses this year. 

5. Enhance Reach and Scalability

Since 2020, there has been a drastic change in consumer behavior. Marketing campaigns triggered by traditional platforms have not been able to offer the kind of reach and scalability needed to cater the evolving customers. To deal with the surge in competition, modern brands are relying more on new-age tools like moLotus offering superior reach and scalability. The unique spam-free technology delivers automated messages instantly to a huge customer database directly into their mobile devices, irrespective of phone type or model – 2G, 3G, 4G, 5G smartphones, i-phones, and feature phones. Most importantly there is no requirement of app download or data connection!

6. Make Effective Use of Story-telling

With mobile videos gaining more appeal among customers, brand storytelling has emerged as a key way to beat competition. They are capable of conveying information within a short time holding customers\' attention. Businesses now have the privilege of educating their consumers about their products and services by incorporating video ads. It is noteworthy that during this pandemic season, Brands have educated, inspired, and entertained their customers via storytelling using platforms like moLotus. The emotional impact of moLotus interactive video stories on the customers have been phenomenal.

7. Optimize Cost

Adapting to the new business environment and beating the cut-throat competition, leaders of businesses are embracing Strategic Cost Optimisation (SCO) in all their processes including marketing. Businesses are finding a way out to get rid of the burgeoning costs. They are fast adopting a mobile transformation strategy which has resulted in cost minimization via automation of the low human involvement processes. For instance, businesses are lowering costs by reducing headcounts of call centers, printing, and dispatch processes by adopting mobile-based technologies like moLotus. They are also unleashing the cost-cutting potential of moLotus by bringing down training costs. Businesses are experiencing a hike in average return on ad spend (ROAS) for the moLotus driven mobile advertising campaigns allowing them to remain cost-effective. 

8. Performance-driven Lead Generation 

Generating high-quality leads has been a daunting task for most businesses involving cost burdens and wastage of funds. Studies indicate that this is by far one of the biggest challenges for businesses to remain competitive. Researches have shown that performance-based lead generation tools like moLotus provide more high-quality leads, compared to traditional marketing channels at optimum costs. Interestingly, businesses only pay for each lead captured. The platform has proven its mettle in ‘pay for performance lead generation and offering a competitive advantage to struggling businesses. Together with lead generation, the moLotus campaigns have increased conversion, response, acquisition, with instant revenues. Lead generation capabilities of moLotus is enhanced by unique capabilities like hyper-personalization, customization, interactivity, scalability, automation, integration, and more.

9. Using Customer Data Insights

In order to remain competitive businesses are placing more emphasis on actionable data. Data in itself is useless without analysis as it mostly exists in excessively unstructured and voluminous form. Businesses are extensively using moLotus data analytics that will help in extracting actionable data insights and advanced report generation. To overtake business rivals, businesses are using the data insights in finding out who are their actual competitors and what they offer to their target audience. These deep insights lead to best strategies to defeat business competition by developing new products and services according to evolving customer needs.

10. Entice & Retain Loyal Customers 

Acquiring new customers is much more expensive than retaining existing ones. Therefore in order to gain a competitive advantage in business, it is essential to encourage repeat purchases. Loyal customers should be given some incentive to keep choosing the same brand over and over. A properly designed and managed loyalty campaign via tools like moLotus would tempt customers to remain loyal. Interestingly, via moLotus businesses can create unique campaigns offering rewards and discounts. The platform offers hyper-personalized greeting campaigns for special occasions like Birthdays, Festivals, Anniversaries, etc. adding to customer loyalty. Mobile digital loyalty cards, customer on-boarding, etc., are a few more examples of moLotus loyalty marketing capabilities. 

Conclusion

Ultimately, for business leaders competition does not matter as much as agility and resilience. Use technology like moLotus as the panacea for all business challenges and competition. You can design and implement your own win-win formula for defeating the competition. Create your own ‘Blue Ocean’.