One of the dangers of being in business is to become a “me too” in your particular niche. As said by the CEO of General Electric Jack Welch, “If you don’t have a competitive advantage, don’t compete.” A lot of entrepreneurs and business owners are aware that one of the secrets to surviving in business is to possess a competitive edge. Every business should have a competitive advantage; in case a business doesn’t, then it’s just matter of time before it fails. Businesses that have stood the test of time are organizations with a solid competitive advantage.
Want your business to stand in a sea of “me toos”? Here are some tips to help you out:
Research the Competition
Having a competitive edge is possible through proper research. Research the competitors to determine factors like pricing models, service and product details, and operations. Thriving competitors could have insight to help you improve your business model. Utilize competitive intelligence agencies or put aside time to learn details about the competitors yourself by surfing around their website or being a secret shopper: The procedure of acting like a customer to understand more how a business operates. Hone your business expertise with the tools and information you obtain.
Learn Your Customer’s Behavior
Monitoring customer behavioral tendencies can help differentiate yourself apart from the competition. Companies that are in opposition to change often don’t succeed against the competition. Regular communication with customers can ensure you remain up-to-date with their concerns and needs. Coordinate focus groups or issue surveys to obtain more insight from customers. Hearing your customers and going back to your products or services to make updates or alterations until you gain a satisfactory product tells customers that their needs are crucial and that you’re dedicated to excellence.
Strong Marketing Strategy
Within the market place, the business with the right marketing approach wins. The competition to get a stronger competitive edge in the industry is the key reason why giant companies spend vast amounts of money on marketing research as well as advertising annually.
Superior Customer Support
Any organization that has the ability to quickly deal with customers need and supply subsequent support will possess a competitive advantage over its competitors. A superior customer support indicates that a company is not only interested in selling a product or service, but also with the customer’s satisfaction as well.
Low cost (when compared to industry price standards) is almost always the catch. Customers possess a natural inclination to buy things which are priced competitively.