Everyone has ideas. Some of these ideas may be decent, while others are probably not so good. Bringing an idea to life and calling it a business is one of the hardest things to do, especially when there are business competitors, “the big fishes! No, big sharks!” With money and power, out there providing the same service you want to or have started providing. The good news is that these sharks were once baby fishes (Shark) like you.
They have once been at the same spot you are, or you are going to face on their journey to the top. But the interest in entrepreneurship is at an all-time high. And there have been spectacular success stories of early-stage startups growing to be multi-billion-dollar companies, such as Uber, Dangote, Remitta, Facebook, WhatsApp, Airbnb, and many others.
In this article, we will give an overview of 7.5 key steps for entrepreneurs who are starting a business and why quitting is never an option.
How To Outsmart Your Business Competitor
1. Learn How To Swim With The Sharks
Even if your idea is great, there’s a big difference between having a great idea and creating a successful startup company. This depends on your tenacity to stay out with the big guys out there, dare to connect with them, run affiliate or partnership programs with them until you find your feet in the market
“just like the Pilotfish that follow sharks because other animals which might eat them will not come near a shark. In return, sharks do not eat the pilot fish because pilot fish eat their parasites. Small pilot fish are often seen swimming into the mouth of a shark to eat small pieces of food from the shark’s teeth”.
Shockingly, these big companies like Google, Facebook, Microsoft have programs for small startup companies running similar services like theirs, they let new bees acquire their knowledge and expertise to avoid mistakes they encountered themselves on their journey to success.
In summary, whatever field you eventually venture into, endeavor to learn from the successful companies in your field of service, sharks don’t eat pilot fish cos they cause no harm to them, subscribe to mentorship programs, reach out to them, and make a healthy partnership.
2. Do Your Homework
A cook who doesn’t know the right ingredient and the right time to add these ingredients will always make a mess of the meal except a miracle happens, though these miracles don’t happen often.
While you collaborate or study your competitors and successful companies out there, learn their business secrets, what, how, why, they took these decisions, and what results came out of these decisions.
Don’t wait till you encounter similar obstacles before you learn what went wrong rather learn from their mistake.
Starting a successful business takes a lot of homework, modifications, alterations, and customer feedback from customers. By using a review website, to listen to what your potential clients are saying, you tend to provide better products and services than your competitors.
Starting a business is a huge commitment. Entrepreneurs often fail to appreciate the significant amount of time, resources, and energy needed to start and grow a business.
Here are some of the biggest challenges to starting and growing a business:
Coming up with a great and unique product or service
Having a strong plan and vision for the business
Having sufficient capital and cash flow
Finding great employees
Firing bad employees quickly in a way that doesn’t result in legal liability
Working more than you expected
In summary, a captain without a compass sail to any place the winds take them to the same as a business without a plan or purpose will always crash in the long run.
3. Dare To Compete With Your Competitors
Engage in healthy competition, always remember that the competition is to win customers over not to harm others on your way to success. Learn to follow the Steps of Your Competitors I know that you have strategies, tactics, and plans. But, do you know your competitors have the same things to compete with you and other competitors on the market?
What are they doing? How are they doing business? How do they approach doing business in the market? What are they doing to make their customers happy?
Make a Competitive Analysis, collect enough information about your competitors, you can start making a brief competitive analysis. With this step, you will identify your most important competitors and evaluate their positions according to different factors.
There are over a billion potential customers out there you can get to patronize you, learn to make healthy competition, never bad mouth another business, or in any way sabotage your competition rather make your customers see reasons to patronize you other than them. Never you stop daring to win customers over.
4. Never Stop Collaborating
You’re going to need some help while launching your startup company. So where do you start? Certain people often get overlooked when entrepreneurs are getting their business started.
Droplets of water make an ocean, and when you surround yourself amid lions you tend to behave like one the same as if you surround yourself amid sheep you behave like a sheep.
In our entrepreneurial journey so far we’ve encountered some unsuccessful because we:
collaborated with the wrong partners or we went solo
Till we found out that without the right partners, team members, associates, mentors, and motivators we can barely do little or nothing. The energy you get from people around you makes it easier to keep going when the storm hits.
Surrounding yourself with like minds, either successful ones, upcoming peers, and motivators make it easier to breakthrough as a business entrepreneur.
5. Market Your Brand Like Crazy
Funny enough, the big fishes spend billions of dollars marketing an already known brand just to keep their product afresh in the minds of their customers. Why won’t you as a startup do the same?
Spend quality time marketing your products and services to people, and dare to make some noise, because nobody knows if you provide such a service if you do not sing your song loud enough.
To succeed in business, you need to continually be attracting, building, and even educating your target market. Make sure your marketing strategy includes the following:
Learn the fundamentals of SEO (search engine optimization) so that people searching for your products and services online might find you near the top of search results.
Use social media to promote your business (LinkedIn, Facebook, Twitter, Pinterest, etc.).
Engage in content marketing by writing guest articles for relevant websites.
Issue press releases for any significant events.
You might also use the service of digital marketing agencies like Baysuit, Hubspot, Neil Patel, and other marketing agencies to achieve your marketing goals.
In summary, while you employ these services, never relent in marketing within your small circles, marketing is never enough, and should never be done at your leisure time, take your business as your source of oxygen.
6. Connect With Business Competitors Of The Same And Different Fields
Have you ever thought that some of your business competitors might become your business partners and this could lead to recommendations? A competitor could recommend you to a client if for some reasons like:
When their hands are filled up and can’t handle more projects at the moment or
Maybe they don’t have the expertise needed to provide a service to a client and instead of letting slip away they recommend you to the client. This is why building a healthy relationship with companies is encouraged.
In my journey as an entrepreneur, I have gotten referrals from people and companies I never expected such as. To win in the game of entrepreneurship you have to network, stay woke, smart, and open-minded.
7. Listen Don’t Just Hear, Build A Good customer Relationship
Customer satisfaction has a huge impact on your business’ success. A low satisfaction level means your customer retention and loyalty levels will likely be low too, and it’s also a sign of bad customer service – a huge problem that costs businesses up to $62 billion per year!
One of the most lucrative ways to improve your business is to attract your competitor’s customers to your business. Consumers will switch brands and businesses if they can see real value, so you need to give them a pretty good reason to choose your business over your competitors.
Always endeavor to listen to what they are saying, ask for reviews from them, go the extra miles to ensure that your customer is satisfied with your service, a referred prospect from a happy client is worth more than 5 cold prospects outside, be polite and subtle to them, the goal is to collect their money and to provide your service to their satisfaction, not to exchange words or create enemies.
Keep an open mind, just like an empty book to be filled up, learn to listen to what they have to say, why you have to consider their suggestions. You opened a business to serve your customers and earn money
7.5 Conquer your Territory
I have listed lots of ways to turn into a big shark from a baby shark or a pilot fish, conquering your territory can be achieved with the following procedures:
Be the First in More Things Than Your Business Competitor
Someone who will be the first in changes, innovation, and improvements of all business processes will become better than the competition. It’s better to be a leader than a follower
Make Your Pricing Affordable
Simply being an affordable supplier can be an effective way to attract new customers, but what your business sells will have a major impact on how effective this technique will be.
Create brand loyalty
Inviting customers to become part of your brand can be a powerful attractor. Companies such as Apple illustrate how successful strong brand values can be. Consumers want to be part of a group or tribe that not only delivers great goods or services but, also shows the people in their network they support the values of the brand they associate themselves with
Quality and service
Though many customers will see a product’s price as the crucial factor in deciding where to spend their money, in the long term business can benefit more from creating good-quality products and offering excellent customer service.
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