The harsh market reality
The evolution of the Personal Computer as a mass market product can be traced back to 1972 with the introduction of the HP 9820 PC. After which many others began to emerge as competitors. Today, we now have so many PC;brands in the personal come market, each fighting to be recognized as the best in quality.
This same scenario exists in every section of the corporate/business world. It is usually rare for you to be the sole producer or supplier of a particular goods or service. There will always be competitors to share the market with you–to share the profit with you. Many times the competition gets harsh as no one is leaving anything to change and some even go vicious and explore unethical market practices. At this point, you need a way or strategy to exert your dominance and remain on top of the game.
Again, it is not just having a strategy, it is having the best strategy. As you are not playing to stay in the game but to win the game. Hence, the need to stay ahead of your competitors.
Here are 4 potent proven ways or strategies to beat your competitors to it:
1. Focus on your primary edge
There is always that one thing which is different and better about your products among others of its kind. This different element may be conscious or unconscious, may be conspicuous or hidden. Whichever way it is, find out what it is and capitalize on it on a large scale. Make your difference stand out by exaggerating it via your advert and marketing process. For example, if you produce a smartphone which has the strongest screen in the market, you focus all your company hype and sales process on this unique factor. This keeps the consumer aware of that edge.
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You should understand that this strategy does not only make your unique edge obvious to a buyer but also covers up your lapses. It mitigates the negative effect that your flaws may have.
However, consistently work towards eliminating those flaws and work your way to perfection.
2. Monitor your competitors closely
This doesn’t mean that you should spy on your competitors through unethical means. It means that you need to take note of the new trends practiced by your competitors to help you improve yours; thus neutralizing the edge they ‘almost’ had. If you don’t monitor them, you should know that they are monitoring you and will soon infuse your prime edge into their system.
So the best thing you can do is to be proactive so that before you are bounced to the back, you push to the front. Another thing is that this helps you learn from their mistakes and guard you against making the same mistakes.
Otto Van Bismark said, “Only a fool learns from his own mistakes. The wise man learns from the mistakes of others”. If you keep an eye on your competitors, you will definitely increase your chances of staying ahead.
3. Optimal utilization of customer feedback
The best practice of any business is to take the major section of the business serious; the customers. Any business that pays attention to her customer’s feedbacks will definitely succeed. Keeping the customers happy should be your first objective because, without them, it is just you and your products. What follows is a great loss and that is not good for business.
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Pay attention to every comment; criticism and commendation. Take and read reviews. Don’t just pay attention to the ones you are comfortable with but all as doing that will only guide you to produce products and services you like and not what your customers like. If you observe the new consumer patterns in your feedback, capitalize on it greatly. Take great advantage of your customers’ feedback and you will have a great edge.
Implementing all the above in a competitive market will drive you straight to the top.
It is one thing is to be on top, another is remaining on top forever or at least for a reasonable time. Being in the game equally is good, being ahead is better, but staying ahead is the best.
Take a cue from Rod Laver when he said, “The time your game is most vulnerable is when you’re ahead. Never let up.”
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