To truly soar as a successful entrepreneur, it’s crucial to see business competition as a good thing. Competition keeps you sharp and allows you to identify and accentuate your unique business advantages. When you demonstrate how you are different, you’ll find and develop a loyal customer niche that appreciates your brand.
Competition Can Make Your Business Stronger
To leverage a competitive business environment:
- Research. Find out exactly what your market looks like today. How crowded is the field? Is there room for you to stand out? Learn from the successful competing businesses (both small and large) and use similar strategies, tweaked to fit your company.
- Avoid the generic. Don’t water down your business, trying to be everything to everyone. Don’t be generic. Instead, look for spaces in your industry where you can offer a unique twist, or distinctive advantage, that will be meaningful to a currently unserved (or under-served) audience. List the unique characteristics your business offers, accentuate them, and sell them.
- Collaborate. Team up with friendly competing businesses for your mutual benefit. What can you learn from one another or share? Maybe you have a talent for a certain side of the business that your competitor lacks, but he or she is well connected in the industry. Help him or her with their weak aspect and let him/her introduce you to suppliers or industry influencers in exchange.
- Be customer-centric. Do all you can to let customers know you’re interested in making them happy, and knowing what they think. Ask for input often, in different places on your website (with Feedback buttons), via email about specific products or services, and at other touch points. Personalized service can help you stand out among businesses in your industry. Offer frequent rewards, discounts or incentives, respond quickly to questions or issues and respect your customer’s opinions and input.
- Go for it. Carefully calculated risks can pay off and it’s exciting when they do. Your company may be small, and new to the marketplace, but these can be advantages rather than challenges. As a small company, you can provide more individualized services. Customers can deal directly with you, the owner, often. You can make changes and refinements quicker than a large organization. And more.
Contact Norus Capital for expert help outsmarting the business competition.