Here's How to Rise Above in the Business Ecosystem
- BY Jaspreet Kaur
Feature Writer, BusinessEx
- Jun 23,2020
- 13 Mins Read
In the business ecosystem, it is important for a company to stay ahead of its competitors. Whether launching a new product or customer satisfaction or sales, the one who comes first is winner and rest are losers. This is how competition prevails in the business world, wherein there is no second, third or fourth in the race.
There are always advantages associated with being first in the race. However, competition is not a crux of the entrepreneurial journey. A company also has to focus on other factors such as customer satisfaction, quality services and marketing.
If a company is unable to beat other players and achieve the first place, then there are various other ways to stay ahead of them. Some of these methods are as follows:
1. Product Pricing
In order to catch customers' eyes, a company has to start building strategies surrounding its product such as product quality and its price. Pricing is the foremost technique which can attract and divert customers. Thus, a company has to ensure pricing its product reasonably. To compete in the market, the company can trim down product price marginally or exponentially depending on its profitability.
It is one of the effective strategies to attract customers and create loyal customers as well. In today's time, customers seek products that have top-notch quality along with reasonable prices.
2. One Thing at a Time
If a company deals in a series of products as opposed to competitors, firstly, it needs to specialise in one product. To move ahead of others, it has to pick one product, make it the best in the industry and later, promote it stating how it is better than other products.
In a similar vein, it can specialise in other products as well. This process requires knowledge of the product offering to the customers and also, resources to enhance product quality as per the customer requirements.
3. Take Customer Feedback Earnestly
If it becomes difficult to beat a competition, the entrepreneur needs to ascertain information about the opponent as to what products it specialises in. Collecting customer feedback will also help know the fortes and weaknesses of that company. Garnered information can be assimilated and assessed to find loopholes in the product. This will enable product development, thereby, bettering products for customers' satisfaction.
4. Be Different
When there is stiff competition in the industry, it becomes a daunting task to create one’s own marks. By working in the same industry, a company does everything akin to its opponents. Thus, there is not much ground left for differentiation between its products and others’ products. In order to create its space, it has to form an individuality of its brand by exhibiting an intrinsic quality of products such as it is cruelty-free or environment-friendly. Besides this, there are various other attributes of the products that often attract customers and divert their attention on a particular company.
5. Enhance Customer Experience
Working in an industry with hundreds and thousands of companies is highly competitive. In such an environment, a company invariably tries to match its competitors step by step whether it is in product or marketing strategy. This conception does not create a distinct image of the company and it keeps trying for recognition. Besides following other organisations' features, a company has to focus on vital attributes and try polishing them. This would attract customers and distinguish it from competitors.
6. Target Specific Audience
Creating one's space seems an intimidating job to the company initially. However, taking the right baby steps can make the task easier and quicker. Before modifying products and services, it is essential to know what customers want and what other companies are failing to provide. After assimilating this knowledge, a firm gets a rough plan as to what needs it has to address and what it should not. Through this gathered information, the company also ascertains a new target audience which they need to focus on and serve better.
More from Jaspreet Kaur
- July 11, 20173 Min Read
- January 10, 20183 Min Read
- January 17, 20183 Min Read
- January 18, 20183 Min Read
- January 20, 20183 Min Read
- January 22, 20183 Min Read
- January 23, 20183 Min Read
- January 24, 20183 Min Read
- January 29, 20183 Min Read
- February 05, 20183 Min Read
- February 06, 20183 Min Read
- February 09, 20183 Min Read
Recommended for you
- September 30, 2021
- September 17, 2021
- September 10, 2021