BE FIRST OR …..
Amazon was the first to enter the online retail business and established both a brand and a loyal following. Many of the 56,000 plus businesses that open every month in the US offer the same products and services as existing businesses. They deliver these services and products and market them as existing competitors do. In other words they are entering a race at the end of the line and hope to cut into a market place already occupied by someone else.
Ok, so you are already in business and it’s too late to start again. That does not mean that you have to close your doors. There is a second way to obtain the same benefits as those that are “first”; that is called differentiation.
In a crowded market place differentiation comes about by providing a better service or product than your competitors. That requires knowing what and how your competitors develop and present their products/services. In order to present a better product or service, guessing does not work.
Research is hard and time consuming, but the “how and what” of your competition must be validated in order to differentiate yourself. Don’t rush into the differentiation process. Call your competitor or have a friend shop them. Visit with your target market, not to sell your product or service, but to ask what would they like that is not currently available in your product/service.
Differentiation is an ongoing requirement. The secret to success is never to stop improving your business.
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