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Making Your Business Relevant In A Competitive Market

The entrepreneurial spirit in many Nigerians has propelled them into one business or the other.
As a result, it may be difficult for one entrepreneur to have total control of the market because there are other businesses that offer similar services and products.
However, through innovation, some businesses have been able to differentiate themselves and create a niche in the highly competitive market.
In order to be relevant in a competitive market, business consultants suggest that competitors should be analysed to discover their weaknesses with opportunities and threats to the organisation identified as well.
They note that analysing competitors is a strategy that some businesses utilise to discover how competitors act or react to issues.
According to management study guide, conducting competitor analysis is very crucial and the business managers should have a thorough knowledge and analysis of the competitive environment of their organisations in order to be successful.
It notes that most organisations exist within a competitive environment, as such, they do not exist in vacuum. As a result, the analysis should involve the macro environment of the business.
Moreover, it states that competitor analysis should analyse the external influences on a competitor and his own business-economic, social, political, and technological.
However, business consultants say the presence of competition should not be a discouragement, but should be an opportunity to improve on the existing standards and focusing on retaining clients using the following techniques.
Making service tools invisible to competitors
Experts advise business managers to ensure that their competitors are not privy to the business strategies used to win clients and the details of the transactions carried out with them.
A business consultant, Mr. David Ogunleke, says doing this will allow them to render services that stand them out and at the same time promote their products, adding that by providing these services, organisations can meet their targets and earn more profits.
Get endorsement from respected organisations
Globalisation, improvements in trade finance, the Internet, and trade agreements have dramatically increased access to markets worldwide.
Ogunleke says learning best practices from organisations in the developed countries has allowed certain standards to be maintained in the domestic market.
Moreover, he adds that development of knowledge in all areas of business has proved to be effective in sustaining small businesses and entrepreneurship.
Apart from being beneficial for the bottom line, he says organisations that have been endorsed by local and international regulators which are credible have been discovered to win the confidence of clients.
Get the latest technology
Ogunleke says the introduction of new technology which has been adopted by other competing organisations without others being aware of it can create a wide client slide.
In addition, he says organisations that fail to innovate and keep using traditional methods of doing business are likely to fail.
He advises businesses that aim to be successful to be abreast of latest business strategies especially trending marketing techniques.
Develop online ordering platform where competitors don’t
In busy commercial centres, meeting the need of convenience has been a gap bridged by many small businesses. As such, online platforms are provided for people with busy schedule to make orders at anytime.
The business consultant says the availability of online platform should not be the only edge that organisations should have over their competitors, their ability to deliver quality products speedily is also important.
Ogunleke says having a website is one of the basic essentials every business should start with because innovations in recent times emerge from the use of the Internet.
Open stores everywhere
The Founder and Chief Executive Officer, HealthPlus Limited, Mrs. Bukky George, recently said the ability to be successful in business required determination on the part of the entrepreneur.
She added that in order to upgrade existing business, business development strategies had to be employed.
George said, “One way of winning the hearts of people is to be everywhere. You have to develop the strategies, a systematic approach to make competition irrelevant and obsolete. Business owners have to create a clear picture of the value to be delivered and should believe that the clients will appreciate it. You have to attract quality people. An entrepreneur has to be creative and innovative and be opportunistic.”
She added, “An entrepreneur should not start a business because everyone is doing it. Start a business because you have the passion for it, you want to add value and because you want a business that will outlive you.
Give discounts for referrals
notes that the number of clients can be doubled if retail stores can introduce a concept that allows existing customers to bring in new customers and make purchases.
As done in multilevel marketing, both the existing and new customer can be offered discount or gift, based on the number of new customers they are able to bring, he adds.
http://www.punchng.com/business/am-business/making-your-business-relevant-in-a-competitive-market/

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