Sir Richard Branson once said, “We're big believers in healthy competition as a means to improve quality, choice and service. The competition Virgin has been able to inject into markets as diverse as aviation and fitness has helped to reinvigorate the industries and, most importantly, provide better experiences for our customers.”
Ultimately, competition is everywhere, but you’ve got to make sure you’re ahead of them every step of the way. Here’s five ways to outsmart the competitors knocking on your door:
Don't be put off taking risks, let it be the driving force for success. Be innovative and outsmart your competition with a strategy that will leave them wishing they were as unique as your business. For example, if there’s a gap in the market for the service you deliver in a new location, go and promote your business. Get there before anyone else does!
We’re not saying manufacture your products abroad, as we know there’s some great British suppliers out there, but make sure you do your research, put the effort in to go out and find the cheapest option. But don’t risk the quality of your product or service either, so make sure you test the supplier and ensure they’re the perfect fit for you. Cutting costs down will allow you to put money into other areas of the business.
There’s no harm in aiming high and solving something that many think is impossible. Here at Smarta, we’ve come across some inspiring entrepreneurs with unique ideas that leave us scratching our heads, but in a good way. If it isn’t a business that helps shoppers give to charity everytime they purchase online, thanks to GiveAsYouLive, then it’s businesses revolutionising competitive markets with fresh approaches. The world is your oyster so be unique and solve something that others haven't.
Marketing your brand efficiently is the key to securing new customers and promoting your business. Utilise marketing opportunities by outsmarting your competitors and make sure you’re shouting out to potential customers before your rivals do. Our Smarta 100 winner Mr Cake created a media frenzy after he piped his resignation letter on a cake, posted a picture on Twitter, moments later his new business had gone viral and was recognised by millions. Pour your heart and soul into marketing your business and don’t be afraid to do something that hasn’t been tried before.
You want to make sure your business is the one stop shop in the industry you’re competing in. If your product doesn’t appeal to customers, no one will buy it, it’s a simple as that. It's like opening a burger restaurant next door to McDonalds, we doubt you'd have much success. But don't let anything put you off, get out to new places that others haven't considered. If your business is online, you want to get in front of your competitors. Whether this is offering products that aren’t on the market or recognised ones at a lower cost, be the number one at what you do.
“It’s kind of fun to do the impossible,” said Walt Disney... Look at where that got him, eh?