7 Ways Entrepreneurs Can Beat Their Competitors
How do you beat your competition?
Let us be honest here. Finding your place in the present-day market place is tough. Every industry has its giants who have been in the game since the day the idea since the idea was brought to life. So, as an entrepreneur, how would you beat your competition to position yourself at the top of the pyramid?
Contrary to popular belief, innovation alone doesn’t guarantee business success in this dynamic world. One of the tested and proven ways to make your brand stand out is by doing better than your competition and maintaining your position in the market.
At Letswork's shared coworking spaces, we have many entrepreneurs who are all on the way to successfully building their venture from scratch. And how do they do it? In this blog, we will show you 7 best practices to curb your competition the right way as told by these experts.
#1 Find Your Niche And Stick To It
A lot of markets in the UAE are over saturated with similar products and services. But how about creating your market?
Remember the story of Uber?
When Garret Camp, a computer programmer from Canada and his friends spent $800 hiring a private driver on New Year’s Eve back in 2009, he was struck with the idea of finding a way to reduce the cost of direct transportation. 10 years down the lane, this initial spark of genius has to lead the way to a multi-billion dollar business, which itself was made possible by a simple mobile app!
Innovation is like that. It's a spark of an original idea, which can be used to bridge the gap between customer demand and service supply. As entrepreneurs who want to make it big, the first step is to analyze the market you wish to invest in and find that niche spot where you can build an empire.
#2 Differentiate Your Business From The Rest
Now that you have your genius idea to work on, focus on making it different. Think of possibilities that would make it stand out. Present, package or sell your product differently. If you are not able to channel funds for the same as your competition, partner up with others like you. Collaboration can give rise to ideas, products and services that can disrupt an entire market. So take the risk and experiment.
#3 Believe In What You Do
Even if your product is not the best, believe in it. When you believe in what you market, it translates to product guarantee when it reaches the customer. While it sounds cliché, your confidence in your product or service is the best marketing boost it needs to beat the competition.
#4 Run Your Business With Passion
This comes in continuation with the previous point. When you have faith in something, you put your entire being on the line to make it work. Running a business doesn’t just end with time and monetary support. For your business to flourish, you must nourish it. Optimize your processes, understand the market conditions, learn the customer reactions and tweak your products accordingly.
#5 Leverage The Principles Of Timing
Timing is crucial when you are an entrepreneur. If you have an idea today, you must work on that idea today. The longer you wait, someone else will come up with the same idea and take the chance to sell it. Remember- it is okay to start small and simple. Getting into the web or analyzing and overthinking will never help you grow.
Start by joining our shared coworking spaces in Dubai. Once you enter the market space and interact with like minded individuals, it will give you enough confidence to take a little risk at exactly the right time.
#6 Establish Brand Exclusivity
One of the most effective ways to rise above your competition is by proving your exclusivity. Ensure your product or service exclusivity through patents, support from the government, distribution privileges or high-profile/named-brand customer contracts. Your exclusivity will account for high-quality leads and loyal customers.
#7 Build Customer Loyalty
Long-term relationships are another highlight of successful businesses. If your business can generate positive customer feedback, start building on them. Build a platform where you and your customer can interact regularly. With the help of social media channels, build a community of happy and loyal customers who will stick with you for a long time.
With all things considered, we do agree that running your own business successfully is no walk in the park. It requires a lot of hard work, dedication and sleepless nights. If you have the willpower to get back up every time you face a setback, then one day or another, you will find yourself as the owner of a very successful business. Take it from us, we believe in it too!
So, put your best leg forward and join us at our shared coworking space today. Let us take care of you and your team while you take care of your business.