- Know your target market
- Understand your competitors
- Create a niche within the market
- Retain your clients through customer loyalty tools.
Small business corner 101
Here are some ways you can stand out as an entrepreneur.
Entrepreneurship is as old as the Ghanaian story and with the advent of Social Media starting a business just got easier. Here are some ways you can build your competitive advantage and stand out as an entrepreneur.
Strategy 101- Just because you’re selling doesn’t mean you should sell to everyone
As a small business owner, you’re inclined to sell to every tom, dick and harry. But that shouldn’t be the case. Every customer is unique with their own needs and preferences. Spend time understanding and targeting t clients who will understand the value of your wares and not your energy on convincing potential clients on why they should.
Strategy 102- Keep your friends close but your enemies closer.
Competitor research is key to a successful business. It is important to know what your competitors are doing, what they are not doing and what you could be doing better. With this information, you can meet your customers’ needs and provide a surreal experience. Please note that competitor research is not synonymous to corporate espionage or intellectual property theft.
Strategy 103- You’re a diamond, stand out.
Now that you know more about your clients’ needs and what your competitors are not providing create a niche in the market. This market niche or competitive advantage could be in the form of slashing prices or introducing a new or superior product. In some cases, you may have to do both. To sustain your competitive advantage, you must invest in your research and development as well as your marketing and advertising.
Strategy 104- There are no free lunches, but you can pretend there are
Customer retention is vital to the lifespan of your business. Not only does it aid in your planning and budgeting, but it can also serve as a low-cost advertising strategy. Customer retention programs come in various price ranges and forms. They could include customer feedback forms after purchase, sales or even a simple text message on a client’s birthday. Customer retention programs should not break your bottom line but should increase it.
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