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If you want to be a leader in a competitive market, do these 8 things

While testing an unproven market can be expensive and risky on one hand, on the other hand, there are clear signals about where opportunities lie.

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Here’s why you need to know your business’s competition, If you want to be a leader in a competitive market, do these 8 things
  • There is always room for a unique business model in a competitive industry.
  • The key to competition is product differentiation.
  • Being a market leader means excelling in the dimensions of people, strategy, execution, and purpose.
  • Excelling in the people category means businesses must have staff that incorporate a blend of drive, intelligence, and character.
  • Market leaders have a strategy of offering products and services in simple yet memorable ways.
  • Market leaders that have purpose connect the work they do with a larger vision that improves the world itself.

While testing an unproven market can be expensive and risky on one hand, on the other hand, there are clear signals about where opportunities lie. Hundreds of competitors can make good products. So what else is required? Here are the tips for standing tall in your competitive market and becoming a bigger fish in an already large pond.

Here’s why you need to know your business’ competition, If you want to be a leader in a competitive market, do these 8 things

Develop a new product

One of the most effective ways to break into a saturated or oversaturated market is by offering a product that is new to the industry or improving upon one that already exists. The goal is to offer something that will raise demand in the market and allow your business to take market share away from competitors. Be ready to look beyond what your business currently offers; you may be able to break into the industry by creating a product that improves upon one that the competition offers.

Simplify the buying process

Simplifying the buying process can attract and retain customers because it reduces time wastage. As a smart strategy, you are better off seeking additional payment methods like an e-commerce website or the use of a mobile app. Both approaches will ease your customer’s shopping experience and ultimately increase your revenue.

Focus on customer feedback

Focus on staying consistent when it comes to listening to your customers, instead of investing a lot in analytic consultations and tools. Pay attention to what your customers complain the most about and have a social media management team to track the brand mentions on social media platforms. People appreciate when they can reach and talk to your company directly and they don’t hesitate to be direct regarding all the shortcomings of your business or product. Your reputation plays a vital role in your business growth. The more effort you make to ensure customer satisfaction, the more chances you will have of gaining favorable reputation. That is why you need to listen to what your customers have to say about your work and use the feedback to fix certain issues and improve your product.

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[READ MORE: This simple advice could help solve your investment challenges)

The key to competition is product differentiation

Act a ‘purple cow’. Define your strengths and what makes you different and leverage them to gain a competitive edge. Whether you’re reinventing industry standards, creating a new business model or improving a process, differentiating yourself is one of the most effective ways to thrive. To figure out what opportunities you have to brand yourself in a way that sets you apart, answer the following questions:

  • Are there any needs or desires of my target market that are not currently being marketed by any of my competitors that I could market?
  • Are there any subgroups within this target market that could be focused on?
  • What marketing or branding opportunities are none of my competitors taking advantage of?
  • What marketing tactics or branding efforts are overdone?
  • Are there any promotional, branding, or experiential tactics used in other industries that are not being used in mine?

Stay on top of trends

No matter how saturated the market, consumer demand is never stagnant and keeping your finger on the pulse of the industry keeps you relevant and poised for success. Smart businesses act on these trends and update their inventories accordingly. Always keep an eye open for market changes and opportunities that may allow you to outperform your competitors. Customers appreciate businesses that anticipate their needs and provide them with surprising products or services that they weren’t even aware they needed.

Lower your prices

In order to gain a competitive edge, it is of absolute importance to lower your prices. If your products are clearly superior, it is okay if they cost more. However, you need a new plan if you offer the same product as your competitors. On the other hand, your prices cannot drop forever, because at one point you will start losing money.

Add value

Offering incentives and value-added services is another smart strategy to consider when preparing to enter an oversaturated market. Are you offering frequent buyer programs, reward levels, or dedicated personnel? Not only does adding value attract a larger audience, but it also strengthens customer retention, which leads to long-term growth. Customers want to ensure that they are getting their money’s worth, so they’re always on the lookout for the best and most cost-effective solutions. If they perceive more value in your goods than your competitors’, they are likely to pay more for your services/products. By offering small perks to loyal customers, for example, you encourage future purchases, generating growth.

Essential soft skills that will help you succeed in your business

Focus on having a sales culture

Are you by the book or does your company have a signature style when it comes to sales? How do you treat your customers differently from the way your competitors treat them? Establishing your own culture ensures your company will stand out.

[READ ALSO: Simple tips to help you choose a side business in 2020)

Conclusion

Penetrating an oversaturated market poses its own unique set of challenges and rewards. With each passing day, new businesses emerge, making the marketplace more crowded than it already was. As such, staying competitive and relevant may seem borderline impossible. But, where most people see a roadblock, savvy entrepreneurs see an opportunity. Highlight what makes you different, always look for new customer needs and demands and ensure that your products deliver high value, and you will gain a competitive advantage.

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3 Comments

3 Comments

  1. Great

    January 17, 2020 at 11:32 am

    Thanks Raheem!

    You said it all. I think one of the most crucial thing to take control of in a competitive market is your unique preposition.

    Your competitive advantage.

    It has to standout.

  2. Ibiyemi

    January 18, 2020 at 1:31 am

    Good and well on point..

    Thank you Raheem.

    As a company, you must be available for service to your customer always. Be a servant Leader…

  3. james averitt attorney

    January 31, 2020 at 12:07 pm

    Wow! This article just blew my mind. Such an amazing read.Thank you for the value offered here:-)

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Business

School Resumption: Parents commend Lagos Govt, request e-learning infrastructure support for public schools

Government reopening of schools has no doubt been welcomed by concerns by some parents.

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Covid-19 School Reopening: WhatsApp messages reveal fear among Nigerian Parents

Parents of students in leading private schools in Lagos, including Meadow Hall, RMS, Wellspring College, Christ College, Children International School, Alpha Soteria, and many more, are happy with the Lagos State Government’s resolution to re-open schools on the 21st of September.

72.73% of parents surveyed expressed confidence that their children’s schools are COVID-19 compliant and ready, while 27.27% are not sure the schools are ready. The above stats show that the efforts of the government in making sure the schools are well-prepared to resume during this pandemic are paying off and parents are grateful for this; however, 54% of the parents want a new session to start from 21st of September, effectively canceling the 3rd term like other state governments have done.

About 60% of the parents surveyed said that they got value for money from online schooling for their wards, but the challenges were many. They implored the Lagos State Government to work with the schools in solving these challenges, which include:

  • Contents not rich and extensive enough.
  • Work overload without assessment.
  • Feedback mechanism from teachers and performance ratings for the children not properly done.
  • No time focused /attention per child, making lecture times ineffective.
  • Some parents also said it was stressful navigating the platforms.
  • The greatest of all issues mentioned was data, as many lectures were held via video streaming for hours daily.

In all, the parents commended the efforts of the teachers who, regardless of the challenges, tried their best to get the children engaged during the lockdown period. They did this, even without proper warning or planning for online schooling.

Over 90% of the parents surveyed had attended public schools in the past; they encouraged the state government to do more for the public schools in this new normal digital education era, so that public school children wouldn’t be disadvantaged and lag behind.

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The parents asked that public schools be equipped with e-learning facilities, internet access for teachers, an internet library for the students, training to skill up teachers in the use of Information Technology for teaching, and laptops for the schools. They also requested that the government provides low-cost funding for the required resources.

In all of this, 60% of the parents surveyed said they are willing to support the government, in a bid to digitally empower the public schools in the state.

Speaking to Sobowale Temiloluwa, CEO, Intelligent Interactive Limited, a digital analytics and technology company on the survey, he said:

“There can be no progress without measurement and feedback, whilst the government is doing their bit, they need to get feedback from all stakeholders, including parents, in order to innovate and improve. The pandemic came as a shock to all, and we were all forced to go online, without adequate preparation. Having done this for months, we need to look back, see where we performed well, and where we performed poorly and improve.”

On public schools he said:

“In the new normal, everyone needs access to the internet, and these resources must be provided, else, the public school children will lag behind. However, this Government cannot do it alone, parents that have benefited from the public schooling system in the past must also support the government to achieve the task of empowering all children with access to digital tools for education.”

“Many global technology giants in Nigeria and Globally, are supporting governments with grants and tools to aid e-learning, the government can reach out to these top companies for help and partnerships. But it must be known that digital education has come to stay, and there must be moves to scale up, so we can meet up with the demands of this new normal period,” he concluded.

Below are the results of the survey conducted:

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Business

Lagos shuts 3 container terminals, hotel in Amuwo Odofin, seals 17 buildings in Lekki

The government has moved to seal illegal terminals and unapproved structures in the state.

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Lagos issues ultimatum to Tank Farm Operators over planning permit, Lagos seals 27 residential and commercial buildings in Lekki, LASG Seals 19 more Buildings in Banana Island over planning permit

The Lagos State Government has moved to stop activities of the illegal container terminals with the sealing up of 3 illegal locations along Festac Link Bridge, Amuwo Odofin. This also includes the one used for batching sand underneath the bridge, among others.

The state government, in its continued clampdown on illegal structure, sealed off 17 buildings at Oniru Estate, Lekki, and several others along Oniru Beach. It also sealed the Festival Hotel and a 9-floor serviced apartment illegally renovated in Amuwo Odofin.

This disclosure was made by the Lagos State Commissioner for Physical Planning and Urban Development, Dr. Idris Salako, while supervising the sealing off of the facilities, in the company of the Special Adviser to the Governor on Urban Development, Ganiyu Adele Ayuba, and Permanent Secretary of the ministry, Arc. Foluso Dipe.

Salako noted that the existence of container terminals and docks must be controlled in order to forestall abuse of the physical environment and ensure environmental sustainability.

He explained that the container terminals, some of which also operated unapproved docks, are located indiscriminately in apparent contravention of the Lagos State Urban and Regional Planning Law 2019 which stipulates that prospective developers must obtain Planning Information and Planning Permit as necessary conditions for locating such facilities.

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While ordering the removal of the container trucks along Festac-Mile 2 link-bridge, the Commissioner said that the State Government would not condone the existence of illegal terminals or similar facilities across the metropolis in view of their impacts on the infrastructure and natural resources of the State.

Salako urged anyone interested in setting up such facilities to approach the Ministry of Physical Planning and Urban Development for Planning Information, which would give informed advice on approvable locations, and also obtain a Planning Permit from the Lagos State Physical Planning Permit Authority (LASPPPA).

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Business

Fire guts fuel tanker, vehicles at Anthony, Lagos

The tanker conveying PMS lost control while in motion and subsequently fell sideways.

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NNPC reacts to Lagos pipeline explosion

There is a fire outbreak, which has gutted a fuel tanker, at Anthony inward Gbagada, Lagos State.

This was disclosed by the Federal Fire Service via its Twitter handle on Friday evening. The incident, which occurred around 10 pm, has razed at least two vehicles.

The agency urged road users to avoid the area and take alternative routes.

Also, the Director-General of the Lagos State Emergency Agency, Dr Olufemi Oke-Osanyintolu, confirmed the incident.

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He said, “The Agency responded to distress calls and upon arrival at the scene of incident, it was discovered that a tanker with unknown registration number conveying PMS lost control while in motion and subsequently fell sideways. This led to an explosion in which two unidentified vehicles were burnt.”

A joint team of responders led by the Federal Fire Service, LASEMA, LASG fire service, LRU fire unit, Nigeria Police and LASTMA are working together to curb the inferno from escalating further.

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