Nokia is making a comeback in the communications industry after a turbulent period. The former phone giant, partnering with HMD global, has released new innovative designs and exciting mobile phone options that should attract more than a few customers. It marks the start of the journey back to the top of the communication ladder.
Business is always a competitive venture for brands, especially those within the tech industry. There are so many options available that you have to develop and actualize a strategy that will help your brand maintain value and attract clients.
Failure to stay ahead of the competition could prove detrimental to your brand, and may result in losses. How do you beat the competition?
Improve customer service
With the increased ease of communication, more people than ever before are looking for customer service directly from brands. In order to stay ahead of your competition, you need to maintain a relationship with your clients.
You should always maintain great quality customer service to build brand loyalty. You could improve your customer service by setting a standard for courteous and positive service, with problem solving staff.
By identifying and solving problem points for your customers, you will also be able to raise trust levels in your brand.
Innovation or collapse
Nokia’s collapse can be attributed to a large degree to the inability to deliver innovative new products in an extremely competitive field. They have addressed this with new designs and features on offer for their mobile phones, which makes amends for past flaws.
By failing to consistently change to meet the demands of a changing field of business, you could be handing competitors who are willing to take risks some advantage.
Is the price right?
You should always consider your pricing strategy before releasing new products into the market. This should also be based on an analysis of your competitors’ prices, which should help you avoid overpricing or under pricing your brand and causing potential clients to shy away.
You need to identify a specific market niche and develop products that suit their needs and prices that they may be willing and able to pay.
You can overcome the need for competitive pricing by creating value in your brand to a degree that you control all prices. In order to achieve this, you could consider specialization in a niche field.
The reduced competition will allow you greater room for expansion and could help you create value in your brand in the long term.