Starting a business can sometimes feel rather overwhelming. As a business owner or manager, you know that you are good at your job, namely running operations and keeping your team motivated, all internal factors. but when it comes to external factors, especially sizing yourself up against the competition and trying to gain a competitive edge, that’s where things can get a bit hairy for managers and owners, as it’s not their forte. Many people start businesses because they are passionate about something or think they do something very well, however, the idea that there are others who do it just as well, does not always come to mind for them, which is where trying to stay competitive enters the stage.
This article aims to shed light on the best way for start-ups, those new to business or the industry can manage other competitors in the field.
Do A Product or Service Analysis.
The best way to see how you are fair against your competitors is to find out how your products and services do in comparison to theirs. The nice thing about this digital age is that you can do almost all of your scouring online, especially if you use handy competitive product analysis tools that give you the chance to see the figures behind how your product is doing. It’s a great idea to take this step seriously, especially if you are only in the first few months of your business, as it will give you a good idea of your trajectory in comparison to other establishments.
Have a Unique Selling Proposition.
If you’ve ever done even just one course in business, you will have heard the term USP, Unique Selling Proposition, more than once. Just as the name implies, this is the thing that makes your business special and stand out from the rest. It’s not easy to create a USP, which is why many businesses fail as they can’t find anything that makes them stand out. Trying to identify yours right at the beginning of your business journey is a great step forward.
Offer Excellent Customer Experiences.
Although it’s hard to listen to everyone and make sure that each of your customers feels heard and seen, offering excellent customer experiences is a great way to stay ahead of your competition. You see, the big mistake that many businesses make is that they only think about what they are doing and now how that is landing with people. The steps your business takes are important but they are not more important than how your customers feel about your products and your ethics. You need to make sure that your clients always feel comfortable with your business and that they feel as though you are putting their dreams and desires first. Even if you can’t do it every time, aim to.
Create a Strong Brand Identity.
One of the best ways to ensure that your business stays competitive is through creating a strong brand identity. This allows your business to sail far wider than any of your competitors, as no one can compete with an identity, as it’s your core. Therefore, the first thing you are going to want to do is create an identity in general. Find something that speaks to you and that can be represented in your business. For example, if you own a granola store, you might say that your identity is sourcing only local products within a certain radius and supporting sustainably wheat harvesters. Then, any other granola business that isn’t sustainable or ethical, will not be able to compete with you, as they simply won’t be offering the same things as you.
Also, a good point to tie in here is emotion. You need to try to bring an emotional spirit into the brand, something that makes the people who purchase from you emotionally tied, as this will increase your chances of staying competitive.
Be in the Know About Your Competitors.
The reason this one is mentioned last is that you should focus on all other things before looking at your competitors. You should not really be concerned with what others around you are doing, you should rather just think about how well you are doing and stay in your lane. Rather use your energy to improve your business instead of using it to see what others are doing. With this being said, it does not hurt to look around a little, as long as it does not intimate or influence you. You can always look and see what your competitors are getting up to but take it all with a pinch of salt, as you are not really in their business, so you never really know.
Enjoy the Experience.
As you can see from the above, there are many different ways that you can engage in staying competitive. The one thing you should remember though, is to have fun with it. You have worked so hard to get to this point, to be at a place where you have your own business, do not waste your time looking at unimportant things. Spend the right amount of time looking internally, identifying what makes your business special and then move on. These are the best tips to use when embarking on this exciting journey.
