Gaining profits in your business has unfair advantages. Just think about this. This is the main reason why some best ideas can flop and why even the most average person can be very successful. At least, there was a competitive advantage.
Your competition is the only way to stay up ahead of your competitors. You can put your competitors in the dust. Here are some four ways you can do that.
By staying lean, you must maximize value and minimize waste. Value means that a customer is willing to pay for a feature while waste is just anything that never adds up. What does this mean? This means that you must have a regular contact with your friends and understand why they prefer your product to your competitors. Ask them how to enhance it and how you can improve it by adding additional features.
2.Target Larger Clients
If your clients are huge, then your business will have more revenue. That means that there will be more resources to market and to hire new employees. This might sound strange that larger clients can be easier to service than smaller companies. Working with larger companies will give your company more credibility especially when you meet with potential prospects.
However, if you are scared of the idea of approaching bigger companies, then do not worry. Your smaller size can still help you move faster and think outside the box since you will be at ease to work conveniently.
3.Know The Terms
A lot of entrepreneurs jump into business not bothering to know the terms that relates with the business. These are just basics relevant to startups. I will give you some few basics that you should be tracking.
- Average Customer Value (ACV) This refers to how much money the average customer spends with you over a given time period.
- CPA (Cost Per Acquisition) The cost you incur anytime you acquire a new client
- ROI (Return On Investment) How you gain from your business sinvestments
Your company’s figure will differ from that of another company. Business is a game of inches where the smallest advancement or advantage can mean the difference between winning and losing.
4.Align Your Strength To Weakness
Your competitor might have a better product and even sell it at a lower price, but don’t worry you can still win. Every company has a weak point- a place where you can target to outperform. Things like extended guarantees can take you a long way if it is done right. It is your duty to find these points and exploit them in your marketing. It is good to let your customer why your points are the most important and why your brand will be the best.