5 Ways You Can Differentiate Your Business from the Competition
When networking, you’ll find that almost every second person will introduce themselves as an entrepreneur. The reality is that today’s business environment is experiencing very strong competitive demand. It is no longer good enough to have one ‘new’ idea or product – you must continually be thinking outside the box to gain a competitive edge. If you’re curious about how you can differentiate your business from those you’re in competition with, see below.
In 2015, continuous innovation has become key to every successful business. It is important to always keep your focus on the future and ask yourself how things can be done better, no matter how successful you currently are. Innovate with your consumers in mind and workshop all ideas, big and small. An idea that might seem impossible can soon become practical when discussed and analysed in a team environment.
2. Create a desirable workplace
If one of your primary goals is to create an enviable work culture, you will find that your organisation will become the preferred choice of high quality employees. Without the skills of exceptional people, it will be difficult to differentiate your business from others. The world’s best want to work with like-minded people – hire those smarter than you and build from the bottom up.
3. Listen to your customers
At the end of the day, it will be your customers who ultimately control the fate of your company. If you are not actively seeking their opinions and listening to their feedback, how can you expect improve? Creating a customer-centric innovation approach helps to fill gaps in the market and can give you that step up over competitors. Seeking feedback is one thing, but truly taking it on board and actioning change is when you will see results.
4. Be a leader, not a follower
If a competitor releases a product or variation that you do not currently sell, don’t immediately try to introduce that into your business. Just because they have introduced something new, it does not mean that the market truly needs it. You are better off analysing why this product has been created and think of a way to do it differently. Steve Jobs famously said, “Innovation distinguishes between a leader and a follower”. Be confident in your own ideas and try not to follow other people.
5. Take the long road
Many organisations make the mistake of trying to take the short road to success. There is no quick journey to a successful company, and this certainly won’t help you to differentiate your business either. As Gary Busey puts it, “If you take shortcuts, you get cut short”. Set long-term goals and unlike some competitors, see them through. While not everything will take a long time, persistence is the key to many successful businesses.
What do you think?
Can you suggest any other points to add to the list? Being able to truly differentiate your business in today’s competitive market is difficult, but there are certainly some tactics that can put you on the right track. Comment your views below and join the conversation.
This article was written by Laura Hutton on behalf of the Australian Institute of Business. All opinions are that of the writer and do not necessarily reflect the opinion of AIB.
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