2020 has almost come to an end and if there’s one thing we’ve learnt in this year, it is that the digital revolution has changed the way businesses work. Whether your business is in the FMCG sector or in the service industry, there is no dearth of competition. From home-based start-ups to large conglomerates, every business owner is trying to ace the game by using the different resources available.
In such a heavily competitive scenario, how do you ensure that your business stays ahead of the competition?
What are some of the steps you can take to keep up?
The secret is in the small things. It’s the little processes, strategies and changes that can set you apart from everyone else. Let’s discuss the top 5 building blocks of a successful business strategy and how they are the secret ingredients to optimizing your position in the competitive market.
- Strong Resource Infrastructure
Let’s face it, the most important thing that can run a successful firm is a good team. While it is crucial to have state-of-the-art equipment, it is even more critical to have the right people to handle it. When the team members take ownership of the job they have undertaken, work towards ensuring excellence in the minutest of tasks and increase the standards of the company every day, the growth curve of the company remains on a steep rise. Hire the right people for the job and you’re already halfway there!
- Innovate, innovate and innovate
What are the current trends in the market? Which trends are on their way out? Are there any gaps or problems that need to be addressed? There are many such questions you need to ask yourself every day if you want to offer the right solutions. The trick here is that the solution can keep changing because the market is dynamic so innovating on the research you do will keep you on your toes and the brand name on top of mind.
- Play to your Strengths
Knowing what your strengths are will help you communicate them to the customers and keep them coming back for more. What is your USP? How are you different from your competitors? Understanding the core of your idea and then marketing it well can be a huge factor in making or breaking your business.
- Understand the market and your competitors
This is an underestimated quality but those who research well can offer exactly what is needed in the market. Perceiving the demand in a certain way can throw you off track but thorough research can give you invaluable insights into the market, the demand and the competitors. It is also advisable to keep track of your competitors, what they do, where they lack, where they excel, etc. You can use this information to your benefit and soar high.
- Target New Customers and then look after them
As important as it is to retain customers, it is also crucial to reach out to new audiences. At a time when the digital world has engulfed us in its spell, every business has recognized that there are no borders anymore. Your customer base can be across the world if you choose to reach out to them. But after you reach out to them, you must ensure that they value your product / service and come back for more. Taking feedback, having a strong customer support team and implementing the changes to improve your customer experience can be a major differentiating factor in your growth journey.
To sum up, staying ahead of the curve requires immense hard work, commitment and dedication to your business, to your customer base and to your product / service. If you aim to be the market leader in your industry, it is critical that you take the aforementioned points into consideration in order to maximize your success rate.
- By Mr. Vikram Kumar, Managing Director and Co-Founder, SRV Media Pvt. Ltd.
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