One of the most important things you can do for your business is to develop a Competitive Strategy. Having a Competitive Strategy means that you are taking a close look at the competition. This is not for the sake of comparison and seeing how you and your business measure up. Don’t get caught up in that madness, nothing good will come of it. Instead, stay focused. Your review of the competition has a solid purpose. You need to know what they do, how they do it and what sets you apart. This is key to your company’s success. Today we are going to look at different ways a business can compete.
Build A Client-Centric Buisness: It is the single best thing you can do as a small business owner or solopreneur. Research has shown that client-centric businesses are up to 60% more profitable. A client-centric strategy puts your clients at the center of your business. Every decision at every level of business gets filtered through that lens. What is best for our clients? How does this impact our clients? How can we improve our clients experience?
Build A Brand: as opposed to building a business. What most people don’t realize is that branding is so much more than a logo and visual identity for your business. Branding is a deep understanding of your business, your business goals and objectives. It’s an analysis of what you do, how you do it, understanding ideal clients, your market and how to create demand.
Unique Value Proposition: What is different about your business, your products/services, and/or your how you do these things? Why should clients choose your business? How does your product/service solve the problem better than the competition? How does your product/service provide more value than the competition?
Differentiation: What sets you apart? What is your unique and memorable way of doing business?
Position yourself: as an industry expert.
Partnerships: Create a partnership with a like minded business. Cross promote one another, collaborate on special offers
Get Specific: Narrow down your niche. Be the solution for a very specific market segment. It doesn’t have to be a large segment for you to make a powerful and meaningful contribution.
Combine the top two strategies and Create A Client-Centric Brand, you won’t be sorry!