Competition is one of those words you don’t want to hear about as a business owner. And yet, it is an essential element of any thriving business sector. Without it, the market becomes stagnant and unresponsive. Competitors keep us on our toes, pushing us to innovate even further and look for more efficient ways to connect with our clients.
At the same time, competitors can also command the lion’s share of the market, leaving us on the fringes and struggling for scraps. So yes, competition is a good thing, but only as long as we are the ones ahead.
With that in mind, here are five ways to stand out against your competitors:
Be a Disruptor
Don’t try to compete. Instead, focus your efforts on making your products or service so innovative that it renders your competitors’ businesses obsolete. Innovations kill the majority of your competition. There are dozens of real-world examples of how being a disruptor puts your business miles ahead of the competition.
Do you remember what happened to Blockbuster and Netflix? Before Netflix rose to fame, Blockbuster’s brick and mortar stores were in demand. Netflix founder Reed Hastings conceptualized a new idea. He came up with a video rental service that doesn’t run out of stock.
All you need to do is access the internet and play the movie you like to watch. It was such an incredible idea that Netflix put Blockbuster out of business.
Be the Authority
When you exert authority and credibility in your industry, consumers start to think highly of you. They trust you and are confident to buy what you’re selling. As an authority figure, people will also seek you first to provide expert advice or preliminary knowledge.
For example, Ernst & Young (EY) is one of the big four auditing firms in the world today. Whenever there are changes in the accounting standards, EY will release resources regarding the changes and application of new standards.
Why do they do that? It’s because they are one of the authorities in the field of auditing and assurance. Accountants of various companies use their resources as a guide on how to implement new standards and adhere to best practices. That’s why you need to be an expert in your field.
Research Your Competitors
Standing out means that you have to study your competition and find out what they’re doing right. Think of it as a game of chess. Everything is in front of you. All you need to do is to see the patterns and see through the tactics of your competitors.
By researching your competitors, you’ll be able to understand their processes and unique selling propositions better. How do they market their products? Even more, how do they price and position their products? Also, what marketing channels do they utilize most?
More importantly, you need to figure out how your competitors react to changes in external factors like economic downturns, customer preferences, market disruptors, technological changes, and many more. If you can figure that out, you can reverse engineer their process and make your unique strategy.
Focus on Solutions
Every business, regardless of the product or service, must provide a solution to the customers. Just look at 7-Eleven. These 24-hour convenience stores allow you to indulge your food and drink cravings long after other stores and restaurants have closed for the day.
During the 1940s in the United States, stores closed early. So you must buy your groceries earlier during the day. Southland Ice Company (the company behind 7-Eleven) saw an opportunity in these limitations. The rest, as they say, is history. Today, almost every country in the world has a 7-11 convenience store.
Rethink Your Products
Do you remember when Steve Jobs released the first iPhone? He took inspiration from a lot of things. First, Steve noticed that most phones back then have keypads. So he thought of a phone where the keypads only appear when needed.
Then, he applied it on the iTouch. What if the iTouch, an entire touch screen device back then, can take calls, messages, play media, and many more? And voila, Apple released the first iPhone, which was hailed as a phone way ahead of its time. Now, look at the iPhone today. It remains a top brand for phones.
Standing out against your competitors is a continuous effort. You need to learn how to define your online audience while having a content marketing agency by your side to stay ahead. Let Tulumi Digital Marketing Olando be that partner. We can help establish your brand as an authority, conduct detailed competitor research, and position your business for lifelong success. Call us now at (800) 481-1720 to learn more about how we can help you outshine your competition.