The business world is becoming increasingly competitive. With a record number of start-ups being formed in 2017, it’s become more and more difficult for businesses to thrive in such a saturated marketplace.
As the business owner, you’re in the toughest position. The odds aren’t necessarily against you, but there’s a hard slog ahead. In reality, 80% of businesses fail in less than two years. Businesses are struggling to make their voices heard, whether that be through your value proposition, your business model or your product.
So how can you shape a business that thrives in an increasingly saturated market? The solution is to create a business that is set apart from everyone else. Your product, your service, your customer experience: It all plays a part in how people define your company, and if you master all of that, you’re on your way to building a successful and profitable business that stands out. Luckily, we’ve put together our thoughts on how you can do this, so let’s dive right in!
A successful product is ultimately one that people have been longing for. Take the first ever iPhone, for example. Back in 2007, it was seen as a ground-breaking new product combining the mobile, the pager, and the email tablet with other bits of technology people were using at the time. 10 years later and it’s more popular than ever. But what was the secret to their success? Simple: They put out a product that people had been wanting, one device that combines the functions of multiple devices. It was fresh, it was appealing, and it was high quality – 3 great traits everyone looks for.
The trick is to make sure the quality of your product can be demonstrated as better, if not equal to your competitor. Think about what your customer wants, and craft a product with qualities that they’re look for. Does it have a competitive edge? Is it value-for-money? These are all key questions to ask when crafting a product for your business. The more targeted a product is to your audience, the more successful it’ll be, as something that is meant to suit everybody will ultimately suit nobody.
At the heart of a great business is great customer service. We’ve all had a good experience with a company and often that makes it more memorable. Conversely, we’ve all had more bad customer service experiences. Perhaps you’ve been on hold for over an hour to resolve something and then failed. Perhaps you fought for a refund on a product and lost. In any case, it’s the customer experience that people remember when someone talks about a business.
Your customer experience can make all the difference in the world –it’s that important! You want to make sure the experience exudes the same qualities of your business, whether it’s timeliness, friendliness, speed, personality or more. It’s great to make the experience unique as well, as customers will often remember a business for its uniqueness.
Ask yourself this: Why would a customer come to you? What would be in it for them? Understanding this helps you serve your customers on another level to your competitors, because when you craft your business around those questions, you have an offering that is solving the pain points and problems of your customers, which is what they desire!
Often people buy products to feel safe, save them time, save them money and so on. Make sure your product addresses their needs. The first ever iPhone met the needs of millions of people, because it was a product that everyone wanted. It helped drive the commercial success of Apple for years to come. Put yourself in your customers shoes and ask “What’s in it for me?” If you can answer that with your products, you’re most certainly onto a winner!
What to do next
As a business owner, you want what’s best for your customers. You want them to have an experience and a product that not only will leave them satisfied, but leave them wanting to come back to your business again. But at the same time, you want to craft a business that fulfils the goals you’ve set, to give you the life you want.
If you’re not working to set your business apart from your competitors, then you’re not going to achieve those goals. You might need to look at changing the products you offer, or the customer journey experience for your consumers, in order to craft something that is truly profitable and successful.
Talk to our team of experts about defining your goals and scaling your business. Visit our website to find out more about how we can help and the benefits it can bring you, your consumers, and ultimately your business.