For every business start-up, it is imperative that you know what factors your company has which is different from your competitors. Your competitive advantage will make your target customers choose your products instead of your competitors’ goods.
It is important that you know these distinguishing factors to make your business effectively draw in more customers. Also, by having a competitive advantage, it will enable you to analyze your business's strong points and also your competitors' and learn how to use them to your advantage as a start-up business.
Here are a few DOs and DON’Ts that you need to remember to make your business the perfect option for your customers.
Do:
Make Your Customers Your Priority
A result in the 2017 Digital Marketing Trends Report by Econsultancy and Adobe shows customer experience, with 22 percent mark, as the most exciting opportunity for companies in 2017. As a matter of fact, 60 percent of consumers are willing to pay more just to get a better experience.
Businesses who successfully implement a customer experience strategy produce highly satisfied customers and increased rate of revenues.
Prioritize the needs of your clients and strive to be a customer-centric business. This way, you can create loyal buyers and prevent other companies from stealing your customers. Afterall, it is your clients and not your competitors who have the power to make or break your business.
Don’t:
Focus Your Energy on Your Competitor
You can observe how they manage and grow, know their resources and knowledge which are different from your business. This way, you can learn and discover the ways that you may apply in your start-up business.
However, you should remember that it is not also good that you are spending too much of your energy on bringing down your competitors. They are working on making better services and have made themselves not threatened by you.
Do:
Go for A Micro-niche
It is important that you narrow your niche so that you can form a competitive edge which prevents more competition from emerging. Focus your efforts on creating a smaller portion of the overall market which you can meet the needs of that specific niche.
Some examples are a Chinese restaurant, an online solution that concentrates on contact support, or a printing machine targeted for home use.
Don’t:
Target Competitor's Niches
Your startup competitors are the businesses who are trying to sell similar services and products as you do to almost the same market. The more you will have direct competitors when you target a competitor's similar niches.
Remember that niches which have a low competition are more likely to offer wider opportunities for profitability. According to WESST, a small business training and development organization, niches that are high on demand with low competition are the most profitable.
Takeaway
The main thing about making a competitive advantage is to make your products much better than your competitors’ or offer your customers the things that similar businesses don’t have. Your customers deserve high-quality products and services that they individually need and want from your business.
As a start-up, you need a competition that challenges you not only to contact for support just because of impending failures but also to work smarter with your resources.
Author Bio
This guest post is courtesy of Patrick Panuncillon. He established Creative Working Playground, one of the leading digital solutions company that offers businesses to outsource seo services. He is currently in partnership with various business companies around the world.