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Competition: What Competition?

StrategyDriven Entrepreneurship Article
Photo courtesy of the U.S. Navy via Wikimedia and flickr

A business has to deal with a lot, but the competition is the main opponent. With one stroke, your competitors can make or break your success, which is scary. To end up the victor, you have to ensure that the firm is always one step ahead of the game. That way, they will chase you and not the other way around. Honestly, the last thing you need is to be left in the dust as they speed away. To help, this post is going to detail how to stay ahead of the game so that the competition isn’t as scary.

Any business that wants to become the market leader has to keep an eye on its competitors. Your first job is to do the same as you need to understand their processes. If they are using new technology, you need to consider incorporating it too. The reason is that one small change can affect expenses and productivity. A business that cuts costs and becomes more efficient is always going to be a hard opponent to beat. Plus, your company could also do to benefit from these advantages.

Another reason why watching the competitor’s moves is important is that it uncovers their weaknesses. Every business on the planet has strengths and weaknesses, and the weak spots are what you’re looking to exploit. Even if they have a better product, this tactic can still help you compete. In fact, it will help you to succeed and prosper. Once you understand their weaknesses, the trick is to balance them against your strengths. For example, a rival might only offer a short extended guarantee whereas you have a longer one. Use this to your advantage by showing customers with the help of your marketing strategy.

Bosses like to think that they have to do everything alone. There isn’t a methodology that is as false in business. As the boss, you have to consider a lot to ensure the company expands. To bear the brunt of the responsibility is a mistake. Instead, you need to look to business advisory experts that can help. Experts are the key to winning the war because they cover your blind spots. There is bound to be areas where you lack the knowledge and experience to thrive. Advisors can step in and create processes which will make sure the company hits its goals. Asking for help isn’t a sign of weakness – it’s one of strength.

A business that doesn’t track the numbers is one that is going to fail. Hopefully, this statement won’t come as a shock. But, if it does, there are particular areas where you need to monitor the numbers as the info is essential. Things such as ROI or ACV and CPA are the sections which need monitoring. When you understand how much return you make on your investment, you know why the business is winning or losing. The same goes for average customer value and cost per acquisition.

Google Analytics is a program every firm needs to utilise to track their numbers.

The “New Normal”: How to Grow Your Company Through Online Channels Amid Aggressive Competition

Sometimes it feels like it’s hard to get noticed online. There are A LOT of voices out there. We live and breathe digital marketing and we know; we see the thousands of voices that are all talking at once online. An overload of messages and brands sending those messages is the new normal in our digital culture. How do you get noticed and ultimately grow your company with the aggressive competition that there is online? It can be done and we’ve seen it done successfully with a few changes in perspective:


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About the Author

Kevin LaytonKevin Layton is CEO of Data-Dynamix, a premier source of demographic data, a go-to partner for delivering digital marketing campaigns and experts in advertising sales training that was ranked 1,226 on the 2015 Inc. 5000. The company partners with a litany of top-tier ad agencies and media groups across newspaper, radio and television. Kevin, author of the upcoming book, Building Your Digital Marketing Machine, is also a revered inspirational speaker on digital marketing, international business and business strategy. Reach him online at www.data-dynamix.com.