You are flipping the magazine you have in your hands and are sick of seeing another competitor move ahead of you; you try every year to beat a competitor, but are unable to do so. You have already achieved success in entrepreneurship, but wish to be at least one step ahead of your competitors; you want your business to replace all the other businesses in the same field.
If you want every customer to have your company’s name right at the tip of their tongue, you’ve got to focus on gaining competitive advantage, which is not a very difficult task. We know there’s a lot of fuss about how difficult it is to gain competitive advantage, but trust us when we say this – if you do the following things correctly, it is easy for you to be ahead of all of your competitors:
1. Choose the right kind of pricing strategy
From skimming the cream to penetrating strategy, there are different types of pricing strategies that you can choose from. Find out which strategy suits your business the most and use it for the sake of gaining competitive advantage. Learn about the strategies that others aren’t adopting yet and plan your business around it.
2. Don’t always imitate the strategies of your competitors
There are times when you and your competitors fail together because either you or they imitate your strategies; instead of doing what others are doing already, do something that can grab more attention of your target audience. Be a lion and not just another sheep to follow the crowd.
3. Don’t look at the competitors behind you in the race
Don’t look at the competitors behind you in the race; always take motivation from the ones that are way ahead of you: Instead of focusing on what the losers are doing, focus on what the winners are doing. No doubt you should always keep an eye on how the competitors behind you in the list are trying hard to go ahead of you, but you should not divert your mind from the ones that are ahead of you.
4. Focus on using online marketing in the most unique ways
Online marketing is awesome, but not everyone uses it and that’s the most surprising thing about it. If you want to focus on gaining competitive advantage, you have to adopt this type of marketing to kick off all the weaker competitors from the race. The deeper you get into online marketing, the easier it is for you to have more customers than the rest of the competitors.
5. No matter how many plans fail, don’t give up on planning
Plans are bound to fail; that does not mean you should not form another plan to win the hearts of your customers. Keep making plans no matter how many times you fail. To gain competitive advantage, learn to never give up.
6. Keep existing customers happy
Instead of focusing on getting new customers, keep the existing ones happy to gain their loyalty: Customer loyalty is a competitive advantage for all the businessmen.
7. Concentrate on creating loyalty
Concentrate on creating fans, instead of creating customers at first: Even if you have to communicate with your potential customers, one on one, do that to win their trust. Make them your fans, if not customers.
8. Use the emotions of your target audience or potential customers
Use the emotions of your customers in the right way: Using emotions of your target audience or potential customers is no big thing; everybody does that. There’s nothing selfish in this. All you need to do is meet the needs of your customers by tapping their emotions in the correct manner. Use their emotions to let them know you have what they need to come out of their sorrows, problems or situations; this is what business is about.
9. Don’t get into dirty politics
Don’t get into dirty politics; the competitors that are ahead of you will chew your business and spit the bones away: If you think you can start a rumor about one of your competitors and then get away with it, you are yet to learn about the old players in the race. Most of the old players would know how to chew your business and throw it out of the race. Instead of getting into dirty politics, stay away from it to gain competitive advantage because most of your competitors will end up fighting with each other.
10. Share your personal experiences and stories with your customers to gain their trust
Share your personal experiences and stories with your customers to gain their trust: You know what’s the most amazing thing about being in the field of entrepreneurship? Business quotes, business inspiration and personal stories that easily relate to business. If you have a personal story behind your business, you have a competitive advantage in your hands already. Let the customers know about your story so that they relate to you and buy what you have to sell under the name of your company. When you have a story to share, you have a brand that people can associate with.