Tips for staying ahead of your peers
Nowadays, there are so many similar businesses and competitors in the market, and it could be difficult for your business to have a market share. Therefore, we would like to share some tips on what to do to stay ahead in this highly competitive market.
1. Keep your presence online– Today, most people (44% of the Myanmar population) use online communication channels; therefore, you should regularly share your business, products, and services online. For example, sharing special day greetings on social media such as Facebook will help people know more about your products and services and help you get new customers.
2. Focus on customer retention – If you consistently share information and send messages about your new products, services or promotions to your regular customers through emails, SMEs or through social media, it will help keep you engaged with your loyal customers and get new customers through the customers’ reference. For example, offering your new products to your loyal customers.
3. Monitor the practices of similar businesses – Learning the practices of other similar business competitors and comparing them with your current business practices will help you understand your business’s needs, keep up-to-date, and align with market changes and trends. For example, if marketing through social media platforms like Tik Tok is effective, you should consider such activity.
4. Focus on the customers’ feedback seriously – You should also listen to your customers’ feedback attentively. Customers’ feedback could then be applied to improve the services and products, and it will help you increase the customer’s trust and love. For example, improving your customer service practices upon getting feedback on your employees’ customer service.