The business world is a very competitive one, with small businesses crumbling under the pressure of well established ones. Many young people have gone the business route seeing that the rate of unemployment is very high. Many a times they fail because their businesses have to compete with big existing companies. The following 10 tips though, will help any young South African who is in business or planning to run one to make their business stand above the rest, no matter how small.
1. Highlight Deficiencies By Competitors.
Find opportunity where competition fell short. If prospective clients share how they’ve been burned in the past, show proof of how your company excelled.
2. Offer A Diverse Suite Of Services.
Don’t make this so extreme to where it’s tough for costumers to make an association, but make your company a one-stop shop for customers. For instance, if customers use your product or service as one part of a larger process, consider offering those other points of that process.
3. Market Niche.
Carve out an industry or two and become the most dominant player serving that industry. A really nice bonus to this approach is you can usually raise your prices dramatically when you specialize in this manner.
4. Offer Insight.
Be selfless and offer expert knowledge and suggestions. Building rapport early is key to not only facilitating communication, but building a credible reputation. Give the contact you’re calling on suggestions on better options based on market intel, even if that means not taking their business because your company truly isn’t the best resource for them.
5. Understand Their Industry.
Show how you fit into the prospective client’s world. If they produce products, take a picture of your staff using them and send it to them. Have you bought their product as a gift for someone? Take a picture of them unwrapping it, sharing how the company is a part of a personal experience. Show them how your company can be an extension of theirs. This is just one creative way of doing that.
6. Don’t Be Annoying.
Being respectful of a person’s time and treating them like an actual human rather than a sale can go a long way. Send them a congratulations banner if they were promoted, a welcome mat if they move. Think of ways to connect past the scheduled phone calls.
7. Hire Smart People.
Be known in the marketplace as the company with the fun group of professionals who are not only intelligent and hardworking, but who are nice and empathetic…the staff that will hustle and stop at nothing to get something done.
8. Expand Your Current Network.
You have to surround yourself with others who are already successful. Not only is there a lot to learn from people like this but they will likely help your own journey. Opportunities available to you often correlate to who you know. Set up a routine to attend two or three events each month to increase your network.
9. Be A Problem Solver.
The ultimate “wingman” will do what it takes to find his friend success when meeting new people, even at the sacrifice of his own. If what you provide isn’t the solution to someone’s problem, find a solution for them anyway. The loyalty you’ll receive will be unprecedented.
10. Communicate The difference.
Once you find your chosen strategy or combination of strategies to differentiate your business, all of your advertising and promotion should be centered around shouting about that difference.