The business world is large, with so many individuals having or already implementing the same idea as yours. Whilst this is true (and there is absolutely nothing you can do about it), you must know that the idea execution is the only thing that differentiates you from the pack. Like Tom Peter said, “The thing that keeps a business ahead of the competition is excellence in execution.”
Whatever your business, here are three ways to keep ahead:
- Know your competitive advantage: This ensures that you create value for your customers in such a way that your competitors cannot or will ever possibly think of. Study your business. What is your unique selling point? Who are your customers? What is your strategy? Also, study your top five customers. Are you doing the same thing with them? What sets you apart from them? What is that one thing that they are doing differently that you can tap in and take advantage of? It could be superior customers’ service, flexible prices, convenience, quality and durability of products, ease of access. Etc.
- Be clear on your products or service offering: Your Product or service knowledge is an important element that can set you apart in the business environment. For one, it helps you clarify who your customers are, as well as your pricing and marketing strategy. Subsequently, it also bequeaths on you an ongoing yearning for research in determining how your products and services actually benefit your target audience and in developing a niche for those products or services.
- Know your customers: Your customers are the real reason why you are in business. Never forget that! Every good business thrives on the ability to interpret customer needs and behaviour and in building strong relationships. Identify and study your ideal customer demographics. Have you discovered their pain points? Of course, that idea of yours might be the best there is in the world but have you tasted it? How feasible is it? Have you validated it? Make no mistake about it. Your customers are the only set of people that can validate that business idea, so you must pay attention to them. Do you understand what they want or how they want it? What aspects of your product or service resonate with them? Can they afford your product or service? How can they benefit from your product or service? Are they different from your competitor’s customers? If you do not understand your customers, you cannot determine why they patronize your business, neither would you articulate how to serve them well
There you go, three ways to have an edge in the business world. Go on and conquer in the business place.