Competitive Business Strategies
Jordan Sudberg, an expert in pain management, is well-versed in handling the stress of running a business. He has used his expertise to develop several practical strategies you can implement immediately, each of which will help make your company more robust and profitable.
Some Competitive Business Strategies
1. Create Value
Value is something that people talk a lot about, but few people define it. In business, it’s a simple concept. To create value, you must provide your customers with what they need and want. It’s easy for businesses to develop extraneous value because many companies keep thinking up new products, services, and experiences that their customers don’t need. While this may help the company’s profits in the short term, it only serves to alienate customers for a long time.
2. Become Your Customers’ Problem Solvers
Customers don’t need a business to provide them with more problems–they need more solutions. If a customer has a problem, they will seek out someone (or some company) that can fix that problem. That makes this strategy so powerful: if you can solve your customers’ problems, they will become loyal fans who keep coming back for more.
3. Understand Your Market
With so much competition on the market, it’s essential to know who your competitors are–and the best way to do that is by understanding the market. For instance, if you’re in a niche business like automotive retail, you must know who is already selling in your market. Not only will this help you understand what they’re doing right and wrong, but it will also help you develop strategies that give you an advantage over competitors. For example, if a competitor is doing things right, it might be worthwhile for you to adopt their practices instead of trying to beat them at their own game. Jordan Sudberg explains that it’s essential for small business owners to continually assess, monitor, and manage their marketplace to understand the industry that they’re in. “The biggest mistake companies make is not identifying their competitors,” he states.
4. Know Where You’re Going
Entrepreneurs often make mistakes by getting too focused on the past–especially the bad things that have happened. But it’s essential to focus on the future instead. For example, if a competitor just stole your biggest client, it might be tempting to get discouraged. But the smart thing to do would be to identify why that client left in the first place and then come up with strategies to avoid losing other clients in the future.
5. Solve Customer Problems
In Sudberg’s experience, the best businesses out there are the ones that solve customer problems–and he advises all companies in every industry to do that. The truth is that customers don’t care about what products or companies you have; they care about solving their problems as quickly and efficiently as possible.
Small business owners have their hands full and only sometimes have time to figure out how they can make their companies more profitable. That’s why it’s so valuable to know what strategies that are already out there could be immediately useful in your business. If you want to outsmart the competition and stay ahead, you should look at these strategies as a starting point to develop your winning business plan.