Great Ways To Keep Your Business Competitive

Two focuses of my blog are Financial Literacy/Money and Business/Entrepreneurship. Once you start a business, one of your goals should be to keep it competitive and viable. The following contributed post is entitled, Great Ways To Keep Your Business Competitive.

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If you own a business, then you need to be thinking up new ways all the time about how to remain competitive. If you aren’t doing this, then you run the risk of becoming redundant. There are so many things internal to an organization that makes it more efficient and increase productivity. There are ways to make your products seem a lot more desirable to your customers; you can improve your products too. And those are just a few ways. A good business owners know that to stay ahead, they need to change. Nothing stays static, so as long as you are malleable, then you have a chance of staying in front.

Pixabay

The Competition

If you plan to be out in front of the competition, then it helps if you know what you are up against. So you need to conduct a lot of competitor research, and you need to do this continually. You cannot just do a lot of work in this area and then give up once you feel you know. Researching your competitors regularly will help you move forward. You will see how they change and if they have implemented anything new. By looking at your competitors, you will also work out what your USP is – your unique selling proposition. This is important because this is the thing that you can exploit to show how and why you are different and why your customers should buy from you. Your USP is your strength, and you must use it. You should also look at your competitor with a view to using a few of their ideas too. Look at how they speak to your customer and the language they use. Think about their brand. What type of person does your competitor consider your customer to be? There are so many questions that you should answer. Remember, the better you know your competitor the better you will be able to sell your products.

Your Products

Obviously, if you have the best products, this is a huge selling point. It is definitely a USP too. If your products have unique features or are simply just much higher quality, such as onsemi and their intelligent technology, you need to use this. However, you don’t just suddenly have the best products. You need to work at it. It may be an idea to do some customer research and discover exactly what your customer wants. There are a lot of ways you can get feedback and ideas from your customer. One of the best is to utilize social media. If you haven’t already got a social media presence, then you need one now; social media is the future. So, get online and talk to your customers. Create polls, and ask questions trying to engage your customers. Have a look at your competitor’s social media pages too. You never know what you might find out. Customers know what they want better than we do, so ask them. Most of the time, they would be happy to engage with you.

Technology

In this day and age, technology changes rapidly. It is essential to keep up with these advancements if you are going to remain competitive. You don’t need to incorporate all the new technologies; however, you should at least consider them. Have a look at what new software and hardware may be available that could help your business run more efficiently or provide a better experience for your customer. For example, you could use the John Yokley PTFS system to manage your content. This is a great way to make sure everything is organized and easy to find by your customers. Whatever technology you decide upon, it needs to be something that will add value for your customer; this is the main thing. It has to give them something extra, or it isn’t going to help.

Author: anwaryusef

Anwar Y. Dunbar is a Regulatory Scientist. Being a naturally curious person, he is also a student of all things. He earned his Ph.D. in Pharmacology from the University of Michigan and his Bachelor’s Degree in General Biology from Johnson C. Smith University (JCSU). Prior to starting the Big Words Blog Site, Anwar published and contributed to numerous research articles in competitive scientific journals reporting on his research from graduate school and postdoctoral years. After falling in love with writing, he contributed to the now defunct Examiner.com, and the Edvocate where he regularly wrote about: Education-related stories/topics, Science, Technology, Engineering and Mathematics (STEM), Financial Literacy; as well as conducted interviews with notable individuals such as actor and author Hill Harper. Having many influences, one of his most notable heroes is author, intellectual and speaker, Malcolm Gladwell, author of books including Outliers and David and Goliath. Anwar has his hands in many, many activities. In addition to writing, Anwar actively mentors youth, works to spread awareness of STEM careers, serves on the Board of Directors of the Friends of the David M. Brown Arlington Planetarium, serves as Treasurer for the JCSU Washington, DC Alumni Chapter, and is active in the Dave Ramsey Financial Peace Ministry at the Alfred Street Baptist Church. He also tutors in the subjects of biology, chemistry and physics. Along with his multi-talented older brother Amahl Dunbar (designer of the Big Words logos, inventor and a plethora of other things), Anwar is a “Fanboy” and really enjoys Science-Fiction and Superhero movies including but not restricted to Captain America Civil War, Batman vs. Superman: Dawn of Justice, and Prometheus. He is a proud native of Buffalo, NY.

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