Starting a business is hard work. It involves a lot of determination and passion. You envisage a vision for your business, plan a strategy, set up the blue prints, work out the finances and make arrangements to conceptualize your business vision. Your hard work starts to pay off in the long term. But as and when your business reaps success, you will see competitors popping up.
Your once unique concepts are easily swept off by your competitors and tout de suite you end up in a rat race for success and survival. This is when you need to pull your strings and tie your laces to win the race. This is when, you need to differentiate your business and your brand from those of your competitors. And, this is when you need to stand out!
Here we have a few insights on how to make your business different from your competitors:
Know your Competition
You must know the adversity you are going to face. Be well aware of who your competitors are, their strengths and weaknesses and of course, their action plan. Do your own groundwork on your competitors. Analyse their moves and keep a track of their strategies. Anticipate what your competitors are likely to do next. However, ensure that your anticipation is backed up by concrete substantial dossier or else you will just be siphoning your time away on not so important matters. As in the case of combat sport psychology, you are trained to observe and read the psychology of your opponent, especially in martial arts. Similarly, you need to delve into your competitors’ move to the extent that you can predict their next move.
Focus on Customer Satisfaction
Be always courteous to your customers, respond to their complaints quickly and calmly. Empathize with your customers and build relationships. Aim to deliver the best service. Offer them something extra which they fail to find in the other businesses. Keep your business open for your customers, when your competitors are closed, like offering them your service on Sundays or extended timings. Gift them the convenience to do business with you. Serve them as kings. Nothing can beat competition better than having a loyal and happy customer base.
Be Innovative
The only thing that is constant in life is change. Keep innovating new ideas to deliver excellence. Do not let your business sit idle or become monotonous. Add variety, extend your options and give something new to your target audience each time. As your business grows, your customer base increases and gets diversified than ever before. It becomes imperative for your business to cater to multiple customised requirements. So, you need to develop creative interventions from time to time to boost your business and enliven the expectations of your clientele.
At the end, no business is without competition. Be it a new set-up or an established firm, competition always exists – with others and within oneself. Competition is by and large a good thing because it compels us to be alert and at our best. Whilst competition with oneself is something that will totally be in your control, extraneous competition is something which you cannot evade.
Hope the above tips will surely make your business stand out from the mass. Good luck!
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