Are You Standing Out In Your Highly Competitive Market?

Believe it or not, you want to have a saturated, competitive and thriving market to be playing in! It can be an overwhelming experience though and depending on your relative competition, you may be up against higher brand equity and already well-established businesses. To lock down credibility and trustworthiness in a saturated market can prove to be difficult. But with enough guts and determination, it can be done.

As an integral part of the competitive market, your business will need to step up to the calling of continuous innovation and affirmation of value to the customer. Changing the landscape of your business model is not necessarily a bad thing to do often as long as you are always leveraging customer feedback and demand to reshape your business.

These days it is all about creating sustainability as a way to gain market share in a saturated market. Market experts are saying that creating a memorable customer experience, while offering something above your competition, will win the hearts of many.

Wait, but how do I do that?

Well, before you take on 3-day retreat seminars for entrepreneurs, or pay thousands of dollars to bring in a “specialist” or consultant to give you new approaches, let’s take a look at what you currently have in place. Often success is found in just doing a pulse check on your current methods and refreshing areas that may have been neglected or have not changed in a long period of time. After all, we are only human and comfortability sets in after a while of kicking butt and taking names just to get where you are now.

Now let’s take a look at the two areas of focus that may help jolt a new and energetic perspective on your business.

If you are not already, shift focus on people and culture in your business. Moving forward and upward will require you to comprise a well-built engine to thrust you to the next level at the pace you want to get there. Without the right people in place, the extra effort put toward anything will either not work, or if you are lucky – not work well. When the fit is not right, you will know it, and people that are in the wrong positions in your business will negatively affect your ramp-up to success.

Sometimes, it’s not that your hiring isn’t that great, but merely the placement of that hire wasn’t what you really needed. Many factors play into this but it mostly will start at education level, understanding your business sector, and then having a strong understanding of your need in the role. Second would be their experience, and the third is a cultural fit.

Maybe they are great at what they do, and you placed them right, but they just don’t fit in with the other team members and/or brand. It happens. Just remember that culture can be a growth killer if it isn’t engaging, rewarding, and accomplishing goals at a nice average rate. Culture later should be culture first.

Hire experts! Whether you are hiring a full-time employee or a consultant, the best advantage you can have for your shop or business is having a strong expert in the most important positions. You should actively search for top performers that have established subject-matter knowledge in a few or more different niche markets. Why? Because not only can they help other team members understand their objectives better, but as well you gain outsider knowledge. With a go-to expert in a power position, you gain a huge advantage over your competitors and have a strong command over the growth of your business.

Experts can also allow you to allocate more effort toward further defining your niche and push you ahead of the competition. You can explore growth-minded actions like gathering an outsider’s perspective, start crushing short-term goals and gain value in new skills that were needed. Planning will begin to make more sense when you make time to sit down and fully scope it out, while your business is being well managed.

Lastly, make sure that they can shift with trends and produce change, as this is what really makes dynamic growth the key to success. It’s a fast-paced world and some must sprint to stay at pace with everyone just in the middle of the pack.

So how’s your advertising and branding performing these days? If your response was anything other than strong, then it’s time to put this higher in priority. Advertising campaigns should be a series of advertisement messages that collectively promote a single idea and voice that is integral to your marketing communication.

Start with positioning statements and push the focus on advertising strategies that speak to what the company’s product or service is, how it differentiates and where your customer will receive the message. You can also directly target the consumer. This can become more of a complex strategy but ultimately directly reaches the person that will buy your product or service, which is in your best interest to execute well.

Next, it includes those who, in certain circumstances, decide what product will be bought (but do not physically buy it). Targeted marketing includes those who influence product purchases to others as well as those who make the purchasing decision but actually won’t physically use or even buy it themselves. You find this more in B2B and your influence on a procurement manager or purchaser is just as important as the messaging that goes to the consumer.

Make sure to leverage every channel of communication you have reach in. Whether it is social media, forums and community boards, or even just working with local businesses and vendors – the messaging and advertising content can vary, but the brand message should remain at the same level across the board. In other words, talk to your customers every single way you know how and constantly explore the ways you do not know by leveraging those experts you hired, or getting out there and interacting more in areas where you customer avatars gather.

If I were to sum this up and build your ambition in identifying stronger solutions, I would say one valuable approach is to aggressively work every growth model you can think of. Especially if you already have strategies that worked well in the past. Next, make sure to create a dynamic business that can stand out above every crowd. There’s also no need to hurry and it’s more reward to take your time and doing it close to 100% the first time. With well-planned strategy and proper execution, you will most likely gain more than initially proposed if you had rushed through it.

I am sure you are ready to get out there and change things now. Trust me, pace yourself. Especially if you are seeking new ways to grow your business and you are not entirely sure you have the solutions identified, market trends defined, the power-hitters in place to get things done, and of course, a rounded strategy that ties all of those pieces together and produces a measurable result.

Once you can answer the customer needs and have a strong understanding from your customer’s perspective of the “why do I want to acquire this?”, “What problem is being solved?”, and “Is it simple?” – then you just are not ready. But that is ok. Take the tips from this read, in combination with further research, and you will start growing your business at a pace that is comfortable for you. The greatest battle is putting this all into action, so don’t waste another minute and get started today! SVBS

John Bailey | Product Development Manager at DaVinci Vaporizer. John brings over 10 years experience in business management, project management, branding and now cannabis education. John has a strong passion for health and fitness and is a fan of Doctor Who, dark scotch, anything outdoors, and photography. Contact him at (512) 954-4630 or by email at [email protected]

2018-07-11T14:21:15+00:00July 11th, 2018|Editorial|Comments Off on Are You Standing Out In Your Highly Competitive Market?