How Entrepreneurs Excel in an Overcrowded Market

Success strategies for businesses

Running a business is challenging. Surviving beyond five years is a rare achievement for most businesses. One of the most common causes of business failures is competition or overcrowded marketplace.

In a study conducted by CBInsights, 42% of start-ups failed due to products and services for which there was no market need. For surviving and succeeding in business, entrepreneurs need to create their own space.

Markets are crowded and competition is higher in various industries. Opening a company has become easier, however succeeding at business still remains a daunting task. How a company is able to differentiate itself from others and gets noticed decides its future.

Great businesses are built around excellent products and services. When you build a culture of high performance and excellence, customers will be attracted towards you. Here we look at the strategies entrepreneurs adopt to excel in overcrowded markets.

1. Establish a Strong Differentiator

Every business has a heart and soul. It has a spirit. What is your business, what do you stand for, why you are unique, how you can differentiate yourself from others in the space are some of the questions that need deep reflections.

Successful entrepreneurs think through things, they research and engage with customers to answer these question. They build their business and establish their core identity, which resonates with their customers as well as employees.

You cannot build a great business just by copying things from others. Businesses are built when they serve their customers, build excellent products or services and stay on top of their customer’s minds. Give them something that they will never forget about your business.

2. Offer Great Value

Offer Great Value

The only way you can be in business is by solving problems. If you don’t solve problems for people, you cannot survive in business. The most successful entrepreneurs solve problems that offer great value for customers.

When the marketplace has lot of competitors, the one that provides the most value wins. Creating a unique value proposition in your business requires identification of the customer needs. The economic value of your offerings to customers decides the value your product and services command.

When you bring value for customers, they will be happy to pay a premium for your services. Businesses cannot hide behind ordinary products and services. If there is no value, no one will use your offerings.

3. Tell a Unique Story

Every business has a unique story to tell. The successful companies are often built around great missions and vision of their founders. When your company can articulate its story and relate to the outside world in a positive way, it goes a long way in shaping your brand.

How businesses use social media, create stories that convey their deepest beliefs and shape the world reflects who they are.

Is your business telling stories in a compelling way? What is it about you and your business that will help others? Why you care to build your business? Telling stories will build a bridge between your business and the outside world. It will not just be another business selling products and services.

4. Become more Customer Centric

Become more Customer Centric

If you’re in a really crowded and competitive market, customers will have more options of choosing who they can deal with. In this case, it is the business that offers them great experience that oftens win them.

When customers can deal with your company in an effective and effortless manner, your business is the beneficiary. Today customers expect personalised services, extra care and attention from companies. The quality of experience and interactions will get your brand noticed.

The digital tools and technology make it easier for brands to interact with customers anytime anywhere. When customers feel valued, they stick around with your business.

5. Go With The Right Team

Go With The Right Team

Today businesses need to deal with unprecedented competition and fast paced changes. The things that were valuable can suddenly become outdated. Your business needs to stay relevant and meaningful to your customers.

When you build a team with a great mix of skills and expertise, you give your business a great chance to succeed. A great team complements each others, contributes to the overall mission of the business and creates valuable progress day in day out. The teams are suitably rewarded when the business succeeds.

6. Feedback & Market:

Feedback & Market

The market never lies. It’s always correct. For any business to establish itself, it has to have paying customers. When customers pay for your products and services, they will tell you how much they value your offerings.

Many entrepreneurs start with intuition and market research data, but eventually it is the feedback from the customers that makes the difference. The market will provide you the right feedback and pointers for you to move in the right direction.

It is possible that you may not succeed with your first idea, but as long as you take the feedback and move in the right direction, you will make it.

7. Focus on Customer Success:

The only way your business will succeed is by making your customers successful. In other words, you have to do things that make your customers achieve what they want.

When your customers are delighted with your products and services, they will choose you over your competitors. When everyone in your businesses focus on your customers, your business will do very well.

Successful businesses understand and solve problems proactively. When you address customer’s pain points even before they ask them, you create value. Great entrepreneurs understand and provide solutions to the customer pain points even the unarticulated ones.

May 4, 2019 0

How to Build the Right Team for Your Business

Building the right team

Building the right team for your business is crucial for its success. You don’t need the best people but the right people for succeeding in business. The right people are those who can create maximum value and give everything they’ve got to accomplish the shared goals.

Entrepreneurs often come from diverse backgrounds, but none of them can do everything on their own. How they build their teams eventually creates the big difference. Entrepreneurs need to work with people who can understand their vision and purpose. Here is how you can build the right team for your business.

1. Problem Solvers:

Every business thrives on creating value for their customers. When you’re hiring someone, you have to look at the problem solving skills of the person. People who solve problems and seek solutions excel in challenging situations.

You need people who are ready to learn new skills and build expertise for solving critical issues. The skills and expertise required for coming up with the desired solutions changes fast. But the solution centric approach always finds a way.

2. Reliability & Integrity:

Reliability & Integrity

It is easier to find intelligent people than reliable ones. You need people who can be trusted with important things. Integrity means that your team cares for your business and does the right thing even when no one is watching them.

It means they act with the highest ethical standards in dealing with company matters, work and customer affairs. It means contributing your best with honesty and commitment everyday.

3. Have Fun Building Things:

To succeed in business, you have to put in hard work and consistent efforts in building things. Customers don’t appreciate what you build, unless it offers them great value. You need to spend more time at work than doing anything else.

The struggle comes when people don’t like what they are doing. As long as people have fun building things, they will work incredibly hard and do things that will create enormous value. In the process, they build things that achieve great success and they get their due rewards too.

4. Understand Great Work:

Understand Great Work

Mediocrity doesn’t survive for long and the only way you can delight customers is doing great work. Your team needs to understand this very clearly. They have to give their best shot for creating remarkable and adorable solutions. It is the only way to survive, thrive and grow in business.

When iphone was introduced, it stood out. It commanded a premium and remains one of the world’s most loved brands. It goes to show that great quality often attracts great rewards too.

5. Complementary Skills:

When everyone in the team has the same skills, the team wouldn’t succeed at many things. Every business needs people with complementary skills. People with diverse backgrounds, skills and expertise can contribute and build great things. It promotes divergent thinking and takes a holistic view of things.

Today it is easier than ever to build remote teams and leverage skills. Entrepreneurs can use online platforms for connecting and working with individuals that can offer value to their business.

6. Personality:

There are some people who radiate positivity and energy into the team. They strive hard, help other people and build a pleasant environment around them. You want to have people who are committed and helpful.

Businesses can often go through rough times and dark phases. It is in such moments that individuals with positive bent of mind and energy make a difference. When you’re committed, you come out stronger in tough times and use all your faculties in building something invaluable.

7. Believe in the Vision:

A successful business thrives on its people. It needs a team that believes in its core mission and vision. Building a business requires people to believe in what they are doing.

Self driven teams take ownership and responsibility for their work. They go the extra mile to delight customers and add value. Finding people who fit your culture and align with your values is important in building a successful business.

April 20, 2019 0

9 Powerful Ways you can Maximize Your Business Success

Business success

Planning, organizing and controlling are the main aspects if you want to have a successful business. One should be flexible and take time to avoid the hustle by laying down a proper strategy for your business venture.

It is rightly said, “ Success is a marathon and not a sprint.” It is important to have a futuristic approach and a desired time frame for each goal to be accomplished. Success does not come at your doorstep; you have to fight, face obstacles and learn from past mistakes in order to be successful.

Let us have a walkthrough to this article and see different ways in order to maximize your business success.

1. Maintain records :

To be successful, you have to keep the detailed records of the activities going on in business. This way you can track down the progress and know where you stand, what are your financial strengths and what potential challenges are there on your way. This will help you to face the challenges and give time in preparing the strategies to overcome the same.

2. Examine your competitor :

entrepreneurs

It is vital to keep an eye on the competitor if you want to grow and capture the market. You need to learn and get a research done on your competitors’ business so that you can incorporate some of the useful things that your business is lacking. This trick will help you in growing your business and reaching heights.

3. Analyzing the market needs :

“I do not subscribe to the theory of build it and they will come. I want to know what they want, and that’s what I’m going to build.” – JJ Virgin.

So, analyze what people want and get it ready for them; because a business expands with the support of its customers.

4. Focus on your work :

Focus on your work

Stay focused and motivated through each phase as it is not at all easy to earn money and get success overnight. The famous proverb, “Rome was not built in a day” applies here perfectly. So, start focusing on your short-term goals to achieve long-term success. Everything takes time and patience is the key to attain everything.

5. Create online presence :

Build your online presence with the help of websites and other social media platform to get noticed. Nowadays, it is easy to create a website that has a professional look and your business needs to be in today’s era of online space.

According to a recent survey by Ipsos MediaCT and Accenture, it has been found out that around 70 percent of consumers are active on social media and purchase the product online rather than going to a store.

6. Provide a good customer service :

good-customer-service

It is vital to provide a good support to the customer because as per the survey conducted by the American Express, 78 percent of the customers cancelled the product purchase due to poor customer service. Some did not even intend a purchase due to negative reviews and the bad after service.

So, make good customer service your priority. Examine your current service and make changes according to the need of clients. This way you can create a loyal consumer base and can also beat your competitors.

7. Implement the 80-20 rule :

The most famous 80-20 rules focuses on the efforts put to the result achieved. According to this rule, 80 percent of the result comes from 20 percent of the efforts you put. Isn’t it interesting how small efforts can lead to big results! So, focus on your efforts.

It doesn’t mean sitting for longer hours and doing nothing, but being productive and completing tasks before deadline.

8. Be consistent :

Be consistent

Consistency plays a major role in making money and achieving success. You have to be congruous enough in your daily work routine and keep doing what proves out to be a necessity for the business expansion. These will result in your long term habits that will help you in making a huge profit for a long run.

9. Staying healthy :

Have you ever hear of ‘Health is Wealth’? If yes, then you definitely know that how important it is to stay healthy in order to produce results. Too many entrepreneurs sacrificed their mental health, physical health and relationships with family along with friends in pursuing the business targets. Don’t be one of them!

It’s important to create a balance between both personal and professional life. Taking proper sleep, eating good food, going out with friends as well as family and engaging yourself in exercise will help you to prosper along with your business.

These are some powerful ways which will help in maximizing the success of your business. Just follow these and you might also end up being successful like the other entrepreneurs. Good Luck.

April 8, 2019 0