Competitive Strategies to Outgrow your Competition
Small business owners know that they have to remain competitive in order to be successful. Not only do small business owners have to think about other small businesses in the industry, but they also have to compete with larger, more well-known brands. What are the best ways to go toe-to-toe with your competitors? Here are some of the most effective strategies to outgrow your competition:
Franchising
Expanding into new markets will certainly help you outgrow your competitors, but many small business owners do not have the time and resources to run multiple locations. To avoid this problem, consider franchising your business. Franchising gives you the opportunity to open new stores and enter new markets without having to run the day-to-day operations at each new location. This is a great way to quickly grow your business and beat your competitors without spreading yourself too thin.
But, be sure to take the time to research new markets before you expand into them. You must look at the customer base and the competitors to determine if a market is a good fit. Remember, not every market will be the right market for your business.
Competitive Angle
What makes your company different—and better—than the competition? It could be the quality of your ingredients, commitment to giving back to the community, low price of your products, or exceptional customer service. Take a good look at your business and identify your competitive angle so you can start to flaunt it. This competitive angle should be incorporated into all of your marketing and social media campaigns, as well as your website. Your customers need to clearly see what makes you different and why this difference is so valuable. If you are able to communicate this to your audience, your business will quickly grow.
Intelligent Innovations
Some small businesses think the key to outgrowing their competitors is innovation. It’s true that innovation plays an important role in a company’s growth, but that does not mean that businesses should introduce as many new, innovative products as possible. In order to grow, businesses should focus on the quality and relevance of their innovations, rather than the number of innovations they produce. Why? Research has shown that the most successful brands introduce 40% fewer products than their competitors. Even though they produce fewer innovative products, these brands are able to turn their innovations into business growth. This is because they closely analyze their customers’ wants and needs in order to develop new products instead of just creating new products for the sake of being innovative.
The lesson here is that you don’t have to introduce the sleekest and most technologically advanced products in order to outgrow your competitors—just give customers what they want. Even something as simple as introducing the same product but in a different pack size can be considered innovative if that’s what your customers want.
As a small business, you may not have the budget or manpower to implement all of these ideas at once. That’s why it’s important to carefully review each of these options to determine which is right for your business. Then, watch as your business takes off and outgrows all of your competitors!
Categories
- Business Marketing
- Business Resources
- Customer Success Stories
- Customer Success Stories: Communications
- Customer Success Stories: Meeting Rooms
- Customer Success Stories: Virtual Office
- Entrepreneur Tools
- Management
- Meeting Rooms
- Virtual News
- Virtual Office
- Virtual Receptionist Services
- Workplace Culture
Subscribe to Our Blog
Archive
- December 2024
- November 2024
- October 2024
- September 2024
- August 2024
- July 2024
- June 2024
- May 2024
- April 2024
- March 2024
- February 2024
- January 2024
- December 2023
- November 2023
- October 2023
- September 2023
- August 2023
- July 2023
- June 2023
- May 2023
- April 2023
- March 2023
- February 2023
- January 2023
- December 2022
- November 2022
- October 2022
- September 2022
- August 2022
- July 2022
- June 2022
- May 2022
- April 2022
- March 2022
- February 2022
- January 2022
- December 2021
- November 2021
- October 2021
- September 2021
- August 2021
- July 2021
- June 2021
- May 2021
- April 2021
- March 2021
- February 2021
- January 2021
- December 2020
- November 2020
- October 2020
- September 2020
- August 2020
- July 2020
- June 2020
- May 2020
- April 2020
- March 2020
- February 2020
- January 2020
- December 2019
- November 2019
- October 2019
- September 2019
- August 2019
- July 2019
- June 2019
- May 2019
- April 2019
- March 2019
- February 2019
- January 2019
- December 2018
- November 2018
- October 2018
- September 2018
- August 2018
- July 2018
- June 2018
- May 2018
- April 2018
- March 2018
- February 2018
- January 2018
- November 2017
- October 2017
- September 2017
- August 2017
- July 2017
- June 2017
- March 2017
- February 2017
- December 2016
- November 2016
- October 2016
- September 2016
- June 2016
- April 2016
- March 2016
- January 2016
- December 2015
- November 2015
- September 2015
- August 2015
- July 2015
- June 2015
- March 2015
- January 2015
- November 2014
- October 2014
- August 2014
- July 2014
- May 2014
- April 2014
- January 2014
- October 2013
- September 2013
- June 2013
- April 2013
- February 2013
- January 2013
- December 2012
- November 2012
- October 2012
- September 2012
- August 2012
- July 2012
- June 2012
- May 2012
- April 2012
- March 2012
- February 2012
- January 2012
- December 2011
- November 2011
- October 2011
- September 2011
- April 2011
- March 2011
- January 2011
- December 2010
- October 2010
- September 2010
- July 2010
- June 2010
- April 2010
- March 2010
- January 2010
Talk to an expert
Want to know more about our Virtual Offices? Give us a call
Get the Perfect Virtual Address Now
Find a Virtual OfficeServices
Virtual Offices Virtual Office Features What is a Virtual Office? Full Time Spaces Live Receptionist Live Receptionist Features Virtual Phone Number Live Web Chat Meeting Spaces Meeting Space Features Coworking Spaces Event Spaces Marketplace Incorporation Services Search Virtual Office Services Near MeInstant Group
- © 2024 Davinci virtual office