Plodding along and making some revenue to tide it through may work for some entrepreneurs, but it certainly doesn’t cut it for those who are looking to make it big.
If you are trying to become a leader in the market, one of the ways to get ahead is to win mindshare. You can either do it in a big, impactful kind of way, or do it slowly through a series of subtle maneuvers.
However, you must note that change is the key. Without recognising the need for change, some entrepreneurs may just apply strategies that help the business go on as usual. Creating that break from routine and examining your business from an outsider’s point of view is one way to start on change.
So start by making changes in these 3 ways and you’ll probably start seeing results.
Publish a credible report
The media, clients and consumers love reading about new findings and surveys. Producing a report that is of value to your stakeholders puts you ahead of your competition and positions you as a thought leader in your industry. It also shows to clients that you’re different from the pack.
So, think of what’s valuable to your audience and do the necessary research. Put it together, make sure it’s easy to read and then share it with your potential and current clients as well as those who are hiring your competitors.
A useful report will bring clients and consumers flocking to your door. If it doesn’t, keep at it until you achieve it.
Create a new category
Do some research and find out what’s missing. Find out what clients in your industry want but your competitors have not been able to provide. Then tweak your products and services into something unique. Some of the ways you can do this include delivery, pricing, services and distribution.
According to the Harvard Business Review’s “Why it Pays to Be a Category Creator”, category creators generate much higher returns than incremental innovators. For example, 13 of Fortune’s 100 fastest-growing US companies which were considered category creators accounted for 53% of incremental revenue growth and 74% of incremental market capitalization growth of the top 100 companies.
Do small favours
Small favours go a long way but many entrepreneurs may think this doesn’t yield much ROI. Doing small favours for clients may help them perceive you as a trusted partner who is ready to help when they’re in time of need. Even if your products are more or less similar to your competitors, that personal touch will help you get ahead and more likely to be referred to, to a larger network of potential clients.
If you take heed from these tips, you will be able to outshine your competitors and allow your potential clients to make a clear choice between you and the rest in the industry. Once that happens, you’re on your way to building up a brand name which will dominate the market. Keep at it and you’ll soon be recognised around the world.
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