The only type of business without a competition is known as monopoly and in the generation we are in today, we can hardly find such; they are very few compared to the other that have a great deal of different people embarking on them. The fact that different companies are usually found in the same business, promote the idea of competition in market. This does not apply only to big companies but also the small-scale industries and enterprises. People have usually turned to cruel ways of getting rid of their competitors while others have backed out of the competition. Others use the competitive nature of a particular business to shy away from embarking on them even when they have the know-how to run the business perfectly. The truth about competition is this; there is no place in the world where competition does not exist. The market is a competitive place and only the wise and prepared excels in that environment.
I will continue to say this; Ideas rules the business world but in terms of gaining competitive advantage, you would need a special ingredient to make up ideas that would help you become the most sorted after. Remember the lesson on IDEA MANAGEMENT? I said that there are two types of business ideas, the RIBS and the SPINE. Please go through that article to understand the theories that are about to be exposed. Now the RIBS are what determine if you have enough strength to stay and be relevant in the market. In building the RIBS (Running ideas that are subsidiaries to the main idea), one needs the most important element of every business; THE CUSTOMER! Yes the customer can work for you without getting paid! It is not something new, big companies employ this strategy in trying to improve the quality of their products and services.
You already have an idea which you have successfully converted into business, and probably have customers that patronize you. You need to create a relationship with your customers, not just a relationship but a very cordial relationship with them. The way you treat them when they patronize, the value added services you give? Before I continue, I should mention
CUSTOMERS ARE LIKE WORKERS. AS WORKERS NEEDS A REASON TO WORK SO CUSTOMERS NEEDS REASON TO PURCHASE FROM YOU. AS WORKERS PERFORMS BETTER WHEN THEY ARE GIVEN INCENTIVES, SAME APPLIES TO CUSTOMERS. SOMETIMES IT IS NOT OUT OF PLACE TO ENTICE YOUR CUSTOMER WITH LITTLE GIFTS AND BONUSES. IT HOLDS OLD CUSTOMERS AND BRINGS IN USE ONE. MOST IMPORTANTLY, TUNES THEIR MIND TO RESPOND COOPERATIVELY WHEN YOU NEED THEM TO.
When you treat you customers as kings and queens, they take the form the kid who loves the mum to the moon and back in this case your company. This places you in the position to easily get valuable information from them when you engage them in a feed-back mechanism. Information gotten from your customers can then be used to improve your product to suit their preferences and ones this is done, your product becomes best-selling!
SAILING WITH THE TIDES
Confused?! Don’t be dear; it is not far from what you already know. As an entrepreneur, you have to pattern you goods and service to suit the current trend of the society. Imagine a graphic designer who still doesn’t use the computer for his/her work in this age. Such has already been out of the market since the day software for graphic designing were developed. You need to watch, study the trend and make possible upgrades to as to make sure you are not edge out in of the market.
DO THE SPY WORK
Go around the companies of your competitors; see what they are doing right and you are not doing. Come up with your own way of doing it and develop on it. You could also look out for the flaws in their system, what people complain about and make sure you don’t do same.
PRESENT MORE VALUE FOR LESS PRICE
This is one main grip most companies hold unto to stay in the market. Customers are excited by the prospect of getting more value for less price and would go a long way to save cost. This is a very fruitful method in staying alive in a highly competitive market. It could be hard to develop a system that would deliver this strategy, but it is worth brain storming upon because it works wonders. The key is this; if you are a producer, you start focusing on the point of attraction of the product you are making. What is your product really used for? Or what about your product attracts people to it? When you discover that, you enhance that aspect of your product at a slight detriment to the other features or aspect of your product. This way you find out that the cost is reduced and you get a product that will rule the market. Though when you become the king seller in the market you can always detect the pace of the game. But be careful at all times.
Feel free to drop your comments, questions and contributions. Stay business minded.