The Best In The Business: How To Leave The Competition In Your Tracks

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Achieving success in business often boils down to being able to beat the competition. No matter what kind of company you run, you’re always going to encounter rivals who want to poach your existing customers and entice new clients. If you’re eager to be the best in the business, here are some golden rules to follow.

Make sure you have a USP

As a business owner, you’re always going to be competing for trade. There are no industries out there where it’s possible to launch a venture and dominate the market straight away. You have to work hard to attract clients and be able to persuade them that you’re different to every other firm out there. Whether you’re selling a product or you offer services, it’s essential to have a USP. What is that makes you stand out in a crowd? What can you offer that your competitors can’t? Why should potential customers choose you? Perhaps your product works in a different way, or maybe you offer a personalized service that others don’t, for example. Once you’re confident about your USP, up-sell it at every available opportunity. You want people to form a positive association between your USP and your brand.

Move with the times

Business is an ever-evolving field, and to compete, you have to be able to move with the times. Perhaps you have a consulting business, and you need to be familiar with the latest business software, or you own a construction company, and you could invest in more sophisticated equipment such as a trailer with increased belly dump capacity. Maybe you’re the CEO of a clothing chain, and you haven’t yet developed a mobile-friendly site or an app, or perhaps you own a restaurant that doesn’t accept mobile payments or online bookings yet. There are always ways of modernizing the way you work to reduce costs and improve the customer experience. Be prepared to invest in technology and machinery and respond to emerging consumer trends.

Put your customers first

Even if you think you’ve got the most magnificent business idea out there, you’re not going to make it a success if you can’t put your customers first. A customer in a store may love the products, but they might not visit again if the service is poor. An online shopper may want to buy products from you, but if the experience is frustrating or the fees are too high, they may look elsewhere. You have to focus on giving customers what they want, and you can do this by analyzing trends, asking for feedback and providing opportunities to engage with customers and ask them questions. How do shoppers want to be contacted about special offers? What kind of charge do they feel is reasonable for delivery? How do they feel you could improve the service you provide?

If you’re an entrepreneur, you probably dream of running a company that dominates the market. You want people to be aware of your brand and to sing its praises. It’s not easy to beat the competition, but if you can’t do this, you’re not going to reach the top of that tree. Be original, showcase your USP and be prepared to adjust and modify your business plan to stay relevant. Put your customers first, listen to them, and focus on providing the best experience possible.

Winsight Episode 46: The Need for Rivalries

Rivals make you better

[audio http://traffic.libsyn.com/winsight/46_Winsight_Episode_46_-_The_Need_for_Rivalries.mp3]

 

A rivalry is defined as: competition for the same objective or for superiority in the same field

Since we talk about sports examples, here are some of the most heated rivalries: Lakers/Celtics, Yankees/Red Sox, Duke/UNC…

All are emotionally-charged & rooted in tradition and I’m sure you have your favorite rivalry too…

In this episode, I’ll discuss:

  • Who is/was your personal rival? What are you both competing for?
  • One of our main motivators is achievement. We need healthy competition to raise your standards.
  • In “Shark Tank” the investors always ask “who are your competitors?”
  • Your rival(s) push you harder than you can push yourself

Why are rivals necessary? How can your rival push you to achieve more? How can your rivals make you better?