Competition is inevitable in every industry, and it is a never-ending race among businesses to stay ahead of their competitors. In the thriving events industry especially, new players are jumping onto the bandwagon everyday, offering fresher ideas or lower price points — you snooze, you lose. As an event organizer, how do you stay ahead of your competitors in this race? Here are 4 ways to stay on top of the game:
Stay updated on your industry
Journals, news, and blogs are great outlets to keep yourself updated on the latest industry news / Source
Keeping up to date with your industry and field helps you stay relevant and on the forefront of the latest trends. Always catch up to industry news about front runners, changes in consumer trends, business environment, and new technological developments. Subscribe to journals, news, magazines, and follow industry magnates on social media like LinkedIn, Google+ or Twitter so that you are constantly in the know. Reading success stories and different perspectives are always helpful, and you’ll be surprised how much you can learn from these information.
Being one of the first to offer new products, technology, or services also gives you an advantage over your competitors by attracting customers to try them out, and builds credibility for your brand as a front runner in the industry.
Know your competition
Conduct competitor analysis on a frequent basis to position the strengths and weaknesses of your competition / Source
To stay ahead of your competitors, you need to know your competition. Competitor’s analysis should be nothing new in a business plan, but with an active industry, your analysis should be carried out periodically to stay updated on your peers. This includes both primary and secondary competitors. A simple search on Google should inform you about emerging companies in the industry, their product offerings, and unique selling points. Listed companies may provide information on strategies and future goals or plans, which can give you an idea of the strengths and weaknesses of your competitors.
Identifying your competitors’ strengths can inform you on areas that require improvement in order to stay competitive, while weaknesses can present themselves as opportunities where your company can fill the gaps and supersede your competitors in the events industry.
Understand your audience
Understand your customers’ needs in order to tap into prospects as well as retain existing consumers / Source
If other businesses are your competitors, your consumers would be the judges of the competition, so always be aware of your target audience, their needs, and their expectations. Consumer behavior can change according to macro environmental factors such as economic and social conditions; so do pay attention to these determinants. Be responsive to your consumers’ needs by establishing communication, whether to prospects or existing customers. Communicating with prospects can inform you of concerns they have in selecting a company to work with, and allow you to adjust your pricing, promotional, and marketing strategies accordingly in order to tap into potential consumers.
Don’t neglect your existing customers however — customer loyalty is invaluable and it is most cost-efficient to retain your consumers Keep in touch with your customers and constantly ask for feedback that can improve your customer experience, and offer perks and discounts for long-term customers to show your appreciation and discourage them from jumping ship to your competitors.
Keep your employees
Employees are one of your greatest assets, so keep them happy and motivated for a productive working environment / Source
Staying competitive involves more than just your competitors and audience, but your staff, who are one of your key assets. As mentioned above, communication between you and your customers are highly important, and chances are that your staff will be bridging the interaction between your business and your consumers. Provide your staff with constant training and skill developments so that they are able to keep up with the latest industrial developments and in turn, offer top quality service to your customers. Well-trained and motivated employees underline an efficient and thriving working environment, which is helpful in attracting new recruits and retaining existing talents.
Like your customers, you wouldn’t want your employees jumping ship to competitive businesses. The talent pool can be limited, so human resource management should be conducted with care. Besides offering a competitive wage, offer a productive workplace culture, employee benefits, as well as opportunities for skills and career development, so that employees will choose to stay and grow with your company.
The events industry can be a competitive one, but you can make your way to the top and keep your place ahead of your competitors by staying updated on the latest developments in the industry, and adjusting your strategies accordingly. Position your competitors and understand their strengths and weaknesses in order to find a gap your business can fill, and take meticulous care in customer relations and human resources management.
What are your tips for staying competitive in the events industry?
Leave a comment and let us know!