Do this 5 Things If You Want Your Business To Become Competitive

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Are you starting a new business? If so, we are sure you already know how tightly competitive the market is. No matter how innovative your company is, or how unique its niche is, there is always competition to think of. In many cases, the competition is much bigger and has deeper pockets, years of experience, and an already established system. That makes you the underdog and the odds are automatically stacked against you. But, being the underdog can be an advantage if you know how to keep your head in the game.

Here are 5 THINGS YOU SHOULD DO;

Know the competition

What do they offer? What are their marketing strategies? What market share do they hold? What are they doing wrong? What are they doing right? How do their products or services stack up against yours? What makes their customers loyal? These are some of the questions you must answer when researching the competition. Armed with this knowledge, you can tailor your product or service to target underrepresented customers, unsatisfied customers, or unclaimed market share. 

Play the long game: Rome wasn’t built in a day

As a founder, it would be tempting to ride the waves of the latest and trendy for fear of missing out. This is not a bad idea, but trends change, quickly. Their “short-term nature” makes them a risky investment. So instead of doing this, you should follow the advice of one of the richest men on earth with a company that has been valued at up to a trillion dollars, Jeff Bezos.

Bezos the founder of Amazon has one strategy for predicting the future by thinking long-term. This may sound like common advice if that was all there is to it. Together with working with a 10-year vision in mind, Bezos always tries to answer the question “What won’t change?”. No matter the niche you are going into, there are constants, and these are the things you should chase after.

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Leverage the latest technological innovations

In 2020, we saw one of the biggest upheavals in recent times caused by the Coronavirus pandemic. The onslaught of the pandemic has forced the governments to implement compulsory lockdowns in every country in the world. Health-wise, this was a great strategy but economic-wise, it was a disaster. Many companies went bankrupt during this period because they were not prepared.

But companies that were prepared for such an event made a fortune. The difference between the companies that fared well during the pandemic and those that didn’t is innovation. The strategy for surviving an ever-evolving business landscape is adaptation and innovation. Startups have the advantage of being flexible because they do not have an already established system of operation. So the founders can easily make changes without having to invest huge amounts of money into the business.

Customer service

In business, customer service is everything. The idea is simple, the customers are the reason why you are making products or providing services. Yes, you want to make profits but without customers, that won’t be possible. That is why businesses spend a great deal on advertising, marketing, and branding. It is all to get the target customers, but many businesses stop there. Once they get the customers, they do not consider the next option, which is customer retention. 

According to the management and consulting firm Brain & Company, a “5% increase in customer retention produces more than 25% increase in profit”. Outlining the benefits of forming loyal relationships, the firm affirmed that the longer a customer stays with a company, the more profit they generate. These happen for three reasons; returning customers buy more, they also refer others to the company and they are willing to opt-in for premium services. 

Startups can become strong competitors in any market if they put as much effort into understanding the customers as they put into developing a new product. One satisfied customer is worth more to the company than many unsatisfied customers, in the long run. 

Enter into a partnership 

Empires are hardly built by one man. Few companies ever make it all by themselves without the help of others. Sometimes, beating the odds could mean partnering with the right people. Regardless of the nature of your business, the right partnership can accelerate the timeline of your company. With the right connections, resources, and experience, a 10-year goal can be achieved in 5 years.

That’s all for now folks.

Until next time, stay inspired and keep chasing your dreams!

Cheers,

Alex