According to UK Parliament, London is home to approximately 1 million businesses, which is the most businesses in any region or country inside the UK.
The capital is not only responsible for a third of all business, but it has attracted some of the most recognizable companies in the world, including Unilever, Deloitte, McDonald’s, BP, and Vodafone.
Due to the sheer number of businesses in the city and the calibre available, you might wonder if there is room for your venture.
Yet, London provides plenty of opportunities for business growth and profitability. Check out these five ways to become the competition in London.
- Differentiate Your Business
Budding and experienced entrepreneurs would be wise to study their competitors to identify a gap in the market.
If you understand your rivals as well as your own business, you’ll have a firm knowledge of their strengths and weaknesses.
As a result, you can replicate their successful marketing tactics, introduce their tried and tested sales techniques, and identify a potential USP.
If you know your competitors like the back of your hand and understand your demographic’s wants and needs, you’ll know how to differentiate your brand to stand out in the market.
- Connect with Your Community
London might not have earned a reputation for being as friendly as northerners, but it does have a community spirit you’d be intelligent to tap into regularly.
The capital is home to many communities, which is why you must strive to connect with the various ones on your doorstep.
Many consumers are more than happy to support smaller businesses over large organizations.
Reach out to a community using clever marketing, face-to-face communication, and a personal approach. Also, strive to deliver products and services to match their specific needs.
- Move to a New London Office
Wow every client and attract top talent by investing in an attractive London office.
A cool space will make your business appear professional, successful, and innovative, which will make people want to work for your business or become a customer.
If you are ready to move to a better office in the capital, visit theworkplacecompany.co.uk to browse every available space right now in the likes of Central London, Chelsea, Covent Garden, and London Bridge, to name a few areas.
The team is on hand to help your business negotiate the best lease terms and manage a move with ease.
- Role-Play Your Competitors
In addition to thoroughly researching your competitors’ strengths and weaknesses, you must role-play your rivals under various scenarios.
Stepping inside your competitors’ shoes during different scenarios could help you identify their plans for the future, potential industry opportunities, and realistic risks.
Role-playing could help you stay one step ahead of your rivals or even take advantage of their specific issues.
The tactic could even help you disrupt an industry, which could help you stand out from your rivals and establish your business as a forward-thinking brand.
- Master Customer Service
According to a recent survey of 2,000 consumers in the UK, 32% of participants stated they have remained with companies with poor customer service. However, they plan to switch to competitors that offer a better service.
Consumers are tired of companies in London and beyond using the pandemic as an excuse for a poor customer experience.
If you want to drive consumers to your brand and become an industry leader, you must place customer service at the heart of your business.
Improve your company’s customer service experience by:
- Actively listening to your customers
- Empathising with their problem
- Using calm, positive, and helpful language
- Talking to customers in a natural, friendly tone
- Resolving issues before they arise
- Apologising for mistakes
- Responding to messages or calls within 24 hours or less
- Acting on feedback
Consumers are happy to pay a little extra for reliable, helpful customer service. Also, the better you treat your customers, the more likely they will spread a positive word about your brand.
Therefore, it could lead to greater brand awareness, a bigger annual profit, and a trustworthy reputation.
Launching a business in London isn’t for the faint-hearted, but the capital provides many opportunities to grow your company’s revenue and reputation.
While you might need to compete with various rivals in your industry, the above helpful tips could help you stand out from the crowd and become an industry leader.
So, find an impressive, affordable office for your business, improve the customer service experience, and know your rivals like the back of your hand.