Every entrepreneur wants their companies to be one step ahead of the competition. This goal will improve the overall market position of the company and will bring constant business growth.
As a part of 15 small business marketing advises one of those pieces of advice for entrepreneurs was to be one step closer to their customers and one step ahead of their competition. Here are some of the most important elements that can help you to be one step ahead of the competition.
This is simply combining the knowledge for most important business elements as competition, customers and products and services that will make your company always to be ahead of the competition. After collecting real knowledge for these three important elements your job as an entrepreneur is to improve all your business processes according to that knowledge.
Know Your Competition
You want to be ahead of them in every business aspect. Because you want to be one step ahead of them, you must know what they make to stay on the market. You must answer the following questions about them:
- Who are the most important competitors?
- What are their products and services?
- What are the benefits and features that they offer with their product and services?
- Where are they finding their customers?
- Who are their most important customers?
- How your competitors convince their customers to buy?
- How much they charge for their product or services?
- Where are they marketing their product and services?
- How are they marketing their product and services?
- How are they making recruitment of their staff?
Think about implementing the system for monitoring them that will collect answers about that questions and give you the real-time information.
Know Your Customers
Your company and your competition compete for the same customers. The business that will win in this battle will receive the larger part of the market.
- Who are your ideal customers?
- How much they want to pay for your products and services?
- What do they want in the form of their benefits?
- Where are they located most of their time?
- What are their buying habits?
If you know your customers, you will know how they decide about products and services when they are choosing between you and them.
Know Your Products and Services
Products and services that your business offer to the market is something that your ideal customers will buy. They are the subject of the battle on the market. If you want to be one step ahead of the competition, your business must offer better products and services.
- Are your products and services compatible with your ideal customers?
- Are the costs plus a profit margin is lower or equal to what your ideal customers want to pay for it?
- Are your products and services giving them what they want in the form of benefits?
- What is the main difference between your products and services and your competitor’s products and services?
Improve to be better from your competitors
Never ending activity for you is to improve upon collected knowledge about them, customers and products and services. This is the force that will move your business one or more steps ahead of the competition.
- Improve your knowledge about your competitors and use it to improve all your business activities. Start doing the same what they do but in a better way.
- Improve your knowledge about your ideal customers and your target market and satisfy their needs.
- Improve your products and services to be better from competition’s products and services and better satisfy the needs of your ideal customers.
- Focus on the biggest value added activities in your product development process.