Staying on top of the game is what you need to survive and thrive after the long period of business shutdown. This is known as competitive advantage – it’s a game booster, it helps set a business apart from the pack. A competitive edge exists in different forms and top elements have been detailed in this post for you.
1: Take Advantage of a Reputable Brand Name
Charging a premium should come easier for companies known for reputable products or services in a particular market segment. In essence, Reputable brands won’t struggle much to remain in business after the shutdown. While things may start out slow at first, a reputable brand name can quickly get back to its feet eventually.
2: Reach out for a Market Share
If your company or business is a dominant player in a given market segment, you may end up exerting control over pricing, supply, vendors, labor, location, or advertising channels. This results in competitive advantage. If you desire a first or second position in your market segment, find a way to establish your brand as a major player. This would ultimately help business resuscitation after the crisis.
3: Develop a Technology
Technology plays a major role in gaining competitive advantage even when the economy was in good shape and would continue to do so after the pandemic. Therefore, you may start thinking towards developing or licensing a unique and problem-solving process or technology.
This can help re-position your business and pave way for survival and success during post pandemic. While developing your own technology can take some time, you may opt for a patented or licensed application or technology to help speed up your business’ survival.
4: Get Exclusive Rights to a Product in High Demand
Another great way to speed up recovery after the economic shutdown is to consider an exclusive right to a product in high demand. Research a highly valued product or service in your area and seek exclusive right to such product or service. As long as such product or service remains highly sought-after, you will remain in business and flourish even when other businesses seem to be drowning.
5: Build Customer Loyalty
Customer loyalty will be one of the essential elements that would help businesses gain competitive advantage after the crisis. You should orchestrate irresistible measures to win back old customers and attract/retain new customers. When you have a substantial number of customers and clients who choose to stick to your brand and not look elsewhere, business would definitely progress and eventually flourish.
Finally, bear in mind that more than ever before, outsourcing has become one of the best tools to both source for the best talents from around the world and cut costs.
Daven Michaels is a New York Times Best Selling Author and CEO of premiere global outsourcing company, 123Employee. The company employs hundreds of young bright individuals on three continents. His International event, Beyond Marketing Live! Inspires entrepreneurs to build & grow their business with revolutionary new theories and systems allowing them to design the business and personal lifestyle of their dreams
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