In a modern society where competition exists amongst companies offering the same services, developing some ideas for business peculiarity may seem very difficult. Every entrepreneur’s aim is to maximize market strategies, breach gaps between producers and consumers, and achieve maximum profit at the end of the day. In order to make profit an entrepreneur would have to look deep into the market to find ways to stand out of the crowd, to provide services which no other competitor can top. Having understood the concept of competitiveness, there are different ways to make your business distinctive amongst other competitors:
For an entrepreneur to create significant influence in his business, they must think outside the box. There are chances that whatever idea you may come up with probably already exists. There are various products in the market; some products have similarities in functions. An entrepreneur should be able to look at the society in which they live in and find a gap in the market system which is yet to be filled. They determine what is lacking in the market. The entrepreneur might decide to create a similar product or service that is already popular in the market, but the difference can be the service, sales tactics, demographics, size and quantity, quality and structure, branding and packaging.
after a particular product is produced, it is important your customers know about your product. Customers want something new, something different from the status-quo. Customer’s knowledge of your product is of high importance. This is where social media and public relations play a vital role. Products can be advertised across all existing social media using all forms of media platforms and types, from written content to videos. This would create a significant buzz and get people talking about your product in no time. This may need a bit of financial investment but when done right; advertising will definitely give you the much needed boost that your competitors are lacking.
BE SPECIFIC IN YOUR FIELD
Determine the area you want to specialize in and stick to it so as to avoid a situation where there is a fluctuation in quality of product or service. Complete mastery of a skill is always required in order to be recognized.
Recreate your business in a unique way, let something set you apart from every other business especially those in your field. Creating promos’ and various forms of marketing strategies would get you noticed quickly.
CREATING A NICHE IN THE MARKET
this is a subset of a market where a particular product is focused. An entrepreneur should be able to identify the wants and needs of customers that haven’t been addressed by other competitors so as to satisfy the customers. This makes you prominent among your competitors.
DEVELOP A WORTHWHILE RELATIONSHIP
Developing a meaningful relationship in the business world is the foundation to a successful venture. Create a good level of trust with your customers and employees, motivate your employees. Your business stands out when you have a good relationship with your employees and customers. It is said that your employees are your first customers and their satisfaction would drive a more productive business; this saying is completely correct.
VALUE OF PRODUCTS
Add value to your products. Give your customers the satisfaction of positively identifying your products from others in the market. Offer guarantees to your products and ensure honesty as to the goods and services you produce.
ACKNOWLEDGE MISTAKES AND FIX THE PROBLEM
customers are highly sensitive to products they purchase from the market. If a problem is noticed in that product, they could easily write-off that product or give a negative feedback that might get into circulation.
Admitting to a mistake during production ensures an inferior product isn’t released into the market. Rather than sell these products to customers for fear of losing money spent on production, the problems should be resolved to avoid litigation of negative feedbacks.
Efficient and reliable customer service enhances good relationship between the entrepreneur, employees and customers. Therefore, you have to treat your customers delicately. Customers consider services rendered to them as a true test of a company’s capability.