4 Strategies to Succeed in a Competitive Market
How much time do you spend on your business? Are you really focusing on every opportunities you have to grow your business? Wouldn’t it be a perfect thing to spend more or all of your time building your business to succeed in a competitive market? Growth don’t happen overnight and any business that wants to outlive competition and succeed, needs to put in the best and make every opportunity count.
Successful business people didn’t reach the heights they’ve attained based solely on luck and second guessing. They explored many opportunities for business growth.
Be original in Your Niche
Originality does a great deal of work in business sited in a competitive market. I believe it to be the best tool for a successful start-up. I know you must have had one or two meals of INDOMIE NOODLES. Have you noticed the uniqueness of their taste? Not only do they have a very unique taste, they also have a very unique brand. I am doing a detailed article on Indomie Brand so keep your fingers crossed as it will be published soon on this platform.
Every start-up should be original and unique with the products they are throwing into the market. A start-up owner that needs to succeed have to put himself/herself in his/her customer’s shoes. What type of product would you want your business clients to provide you with?
Never take your customers for granted
Make your number one priority to always keep yourself on the customer radar. Always listen to and change with customers’ needs and preferences. Never ever take your customers for granted or disregard their feedback. Taking your customers for granted is a surefire way to stop growing, or worse, go out of business. If your services are not even in consideration by your customers, your business will not survive. Focus on doing the right thing, and your customers, employees, and other stakeholders will all have an interest in seeing your company weather whatever unpredictable storm might come your way.
Cultivate your reputation for extreme trust
Don’t be afraid to fail because whether you like it or not, success depends on it. However, as long as people trust you and your product, your business will flourish. No industry is perfect, which is why you should always be thinking about improvements.
Do what your competitors are doing, but better. Find out what customers are complaining about, and fix it. If you keep digging, you’re bound to find something to advance within your industry.
If you want to be unique in a competitive market, add value. By adding value, you are strengthening customer retention, attracting a larger audience, which leads to long term growth. It doesn’t matter the area of your business, customers respond to value. Therefore, you have to be focused, trust-able, and utilize your opportunities for a competitive advantage and success.
There are no shortage of trends to jump on all you have to do is incorporate all four of the above-mentioned strategies to grow and flourish your business.
I am the Founder and President of Young Leaders Arena. Formerly I was the Chief Editor and program co-ordinator at Walktall. Author of the upcoming Book; Success Recipe: Start up Tool-kit for exceptional business growth. I have written numerous articles on both leadership, business start up, entrepreneurship. I have served as thought leader in many societies and organisations, including the Forum on Extractive Industries Transparency Initiative. I obtained my post graduate from the prestigious University of Port Harcourt. I also have a Bachelors from the Delta State University, Abraka. Twitter & Instagram: @Charlessholokwu