The entrepreneurial market is structured and moves at a fast pace. New innovations are coming up in several niches of business, and it will only take a determined entrepreneur to be able to move along with the pace, and not lose balance as innovations come along.
Most times with the way these innovations come, some entrepreneurs struggle to meet up and in so doing, lose balance, which in turn affects their business, causing them to lose money and customers. For example, taking Nokia as an example, they were once in the front-line of smartphone production, but as new technology emerged from the likes of Samsung and Apple, they struggled to meet up and were kicked off the top ladder by these two giants.
Taking a lesson from the Nokia story, it is evident that their inability to move along with new trends left them in the past. This means that as an entrepreneur, your inability to create or move with innovations will negatively affect your business. One major thing entrepreneurs need to take note of is that their customers are looking for a brand that can meet their needs appropriately, and with minimal stress. This is one of the major factors Nokia failed to put into consideration, and when they did, it was pretty late. They are still trying to recover from that fatal mistake till now.
So, as a new entrepreneur or an existing entrepreneur, finding your place in your niche is as important as growing your business income. There are several ways/strategies in which an entrepreneur can apply in staying relevant or even better than their competitors.
The first strategy I would recommend is doing a market survey on your niche. Try to know what competitors are doing and also what your customers feel about your product and competitors’ product. If possible, try to get your competitors product and see what they are doing better or what you can do that will be better off than your competitors. This survey will give you a market scope of how your business is faring, and also show you ways where improvements need to be applied.
Another strategy that would be recommended is that you focus on what stands you out amongst your competitors. Through your survey, you would have found out your strongest segment. Well, you don’t just figure it and do nothing about it, instead, you channel most of your creativity on that segment. Because staying you will want to keep being on top in the mind of your customers in that aspect of your business. For example, still taking a look at the telecommunication sector, if your brand’s strength is the camera quality, you will want to improve on that, so as to keep that assurance in the mind of your customers that if they are looking for a phone with better camera quality, they are definitely going for your brand.
The final strategy I would be sharing is you looking for the point of difference between your product and that of your competitor. Knowing what differentiates your brand from another will help a lot in knowing your stance and finding your place in the market. If it is durability or warranty that differentiates your line of products, find that out, and see how you can provide better assistance than your competitors to meet your customer’s needs.