Tags: business | competitive | advantages | improving

5 Tips for Improving Your Business Competitive Advantages

5 Tips for Improving Your Business Competitive Advantages
© Skypixel | Dreamstime.com

By    |   Monday, 30 July 2018 07:07 AM

What’s unique value are you creating for your customers? What differentiates you from your competitors? What are you doing differently to sustain customer loyalty and attract prospective customers? These are questions you should strive to answer for continued existence in our ever turbulent and unpredictable business environment.

Every business needs a competitive advantage to stand out from other competition. This may be an attractive product, faster service, great location, moderate price, awesome customer service, or a slight modification from competitor’s great idea. Whatever it is, it’s very important as every advantage counts.

Here are five tips for improving your business competitive advantages:

  1. Encourage Work Autonomy

If you want to stay competitive, autonomy in the workplace is germane. Giving your employees a considerate level of freedom in the workplace will encourage creativity. This implies unique ways of carrying out daily tasks and solving organizational problems.

Employees also learn new skills and techniques that will further enhance their capacity to contribute quality ideas for business success. In fact, studies found that companies whose employees reported “high levels of freedom” were 10-20 times more likely to outperform companies with low freedom scores.

Employees shouldn’t be bored at the workplace because of monotonous work. By encouraging work autonomy, you’re tapping into diverse thought processes that’ll help your company devise long term strategies and stay ahead of competitors.

  1. Stay Ahead of the Pack

Staying ahead of the pack entails rigorous gathering of information that will help your business creativity and decision making. Such info includes academic and government publications, political and financial news, data from scientific and technical research and development, cryptocurrency news and reports from trade exhibitions and conferences.

Market research is essential too. This will generate data for understanding market trend and identifying consumer problems. Having this knowledge will enable you to create sound business strategies to outperform your competition. Examine your competitors’ strategies as well, and see how you can improve on them. This is a case of finding something that’s already working and making it better.

  1. Stay Healthy and Keep Fit

Your well-being is significantly tied to your business success. Being the best (physically fit and mentally strong) is the key to achieving competitive advantage for a business. This is because, gaining a competitive advantage requires enormous effort on business management related tasks such as strategic planning, branding, extensive research and marketing.

It’s wise to go for regular medical checkups for thorough diagnosis and prevention of impending illness that can disrupt your health and business. An essential tip to keep fit by Mr Vitamins is by starting to run. This could be in the neighborhood or registering in a gym.

By increasing your body fitness levels, you can avoid health problems and make your body and mind physically strong to face daily business challenges.

  1. Keep in touch with your Customers

You didn’t setup a business to satisfy yourself rather you’re in business to provide quality services to your customers. Hence your business should be centered on what you should continuously do to achieve customers’ loyalty. If you don’t focus on your customers, you can’t get their patronage.

Seek to constantly add value to your customers by having an excellent customer service team whose major objectives among others are getting customers’ view on your overall business operations and analyzing customers’ information. By so doing, you’ll have an in-depth knowledge of your customers’ needs and what to do to keep them coming.

  1. Join the League of Insight-driven Businesses

An insight-driven business is a business that has learned how to turn data into insight to dominate the market. This invariably means better customer relationships, a more seamless customer experience, better and faster product iteration, and a focus on actionable data.

You need to vigorously carryout market research, survey and secondary data to get and analyze valuable data with today’s sophisticated digital tools. This will enable you to take critical decision on how to differentiate your business and have a competitive edge.

Richard Agu is a researcher, entrepreneur and freelancer, passionate about entrepreneurship and self-development. Currently, Richard writes for Entrepreneur.com, Goodmenproject.com, among others. Follow him on Linkedin.com by clicking here now.

© 2020 Newsmax Finance. All rights reserved.

1Like our page
You need to vigorously carryout market research, survey and secondary data to get and analyze valuable data with today’s sophisticated digital tools. This will enable you to take critical decision on how to differentiate your business and have a competitive edge.
business, competitive, advantages, improving
Monday, 30 July 2018 07:07 AM
Newsmax Media, Inc.
Newsmax TV Live

Newsmax, Moneynews, Newsmax Health, and Independent. American. are registered trademarks of Newsmax Media, Inc. Newsmax TV, and Newsmax World are trademarks of Newsmax Media, Inc.

© Newsmax Media, Inc.
All Rights Reserved