Competition is the primary driver for innovation and growth in business. To be successful, companies must find ways to stay ahead of their competitors in order to win market share. There are many methods for doing this and, in this article, we’re going to run through some of the most effective strategies that business owners should implement from day one.
Know the Industry
Small businesses, in particular, can benefit from being extremely tuned in to what’s happening in their industry and what’s going on with the competition. Keeping the finger on the pulse can give you a strategic advantage over your competitors. Get to know your industry inside out and you’ll also be able to service your customers better. It’s a win-win.
Research the Competition
Become an expert on your competition before spending a dime. Find out what they’re doing well and poke holes to find out what they’re not doing so well. Get to know their numbers; how much are they making? What’s the profit? How many years are they in business? What do customers love/hate about their products/services? What makes them unique? No question is off limits so knuckle down and start to get familiar with the companies you’re going to be competing against.
Have a Formal Education
Going into business without a good education can be a recipe for disaster. While some are able to succeed without any formal education, the vast majority of successful business people have at least some level of post-secondary schooling. Go to college and acquire the skills and knowledge you need to reach your full potential. A formal education is an investment that will pay off in the long run. If you’re finding it difficult to get the funds for third-level education, it might be worth looking into scholarships for college students. The scholarship will cover some, if not all, of the tuition fees so you don’t have to worry about taking on debt.
Nail Down Your Target Market
Research is the secret to determining your target market, finding these individuals will help you focus your efforts on reaching those who are most likely to buy your product or service. It is essential that you understand what motivates these people and what they are looking for in your product or service. What makes them take action? Is there a specific trigger that will convert them from browsers to buyers? Does your product/service cater for their specific needs? Use all of the research resources that are available to you and you’ll get the answers you’re looking for.
Have a USP
Regardless of your product/service, you need to have a unique selling proposition (USP). This will be one of the biggest factors that separate you from your competition so make it count. Does your brand have a special message to share? What’s your personal history and can it add to the magic of your brand? Do you offer a higher quality product? If yes, how can you prove it? The key here is to do what it takes to stand out for all the right reasons.
