Top Tips To Help You Get Your Start-Up Thriving In A Saturated Market
Entrepreneurship is on the rise. In recent years, more people have been opting to take charge of their professional lives and leverage their creative ideas to launch successful businesses. According to a survey by SmallBiztrends, when consumers were asked about the best way to learn about entrepreneurship, 51 percent of them responded, ‘Start a business.’ However, it is a well-circulated fact that launching a business in a highly competitive industry is not as straightforward as it may seem in the beginning. With a thriving business environment comes increased competition.
In fact, almost 30 percent of small businesses launched fail in their first 2 years. To be successful as a business in a saturated market, you need to focus on finding your niche, perfecting your customer experience and recruiting the right talent for your business to ensure your business not only stands out, but thrives.
Invest In Your Customer Experience
Your customers should be at the center of your business’ success, particularly when first launching a business. Therefore, you want to make your customer experience seamless, and that begins with listening to what your customers have to say. Businesses that operate with a customer experience mindset experience 4-8 percent higher revenue than their competitors, and those that manage to get their customer experience aspect right can outperform competitors by as much as 80 percent or 5-7 times more revenue.
When it comes to customer feedback, make it an ongoing and interactive process. Customers want to know they are being listened to, and their suggestions are being acted on. Your business should be present, accessible and responsive on various platforms, including social media and a dedicated hotline. You also need to be sure to make certain that the customer logging process is integrated.
One thing that can turn a customer away is having to repeat their issue or enquiry multiple times, and receiving varying answers from multiple customer representatives each time. Outline preset customer service guidelines for various issues to avoid confusion, and don’t forget to follow up. New businesses should focus on both customer acquisition and customer retention right out of the gate, especially since it is 70 percent cheaper to retain customers than acquire new ones.
Choose The Right Talent And Nurture Those Relationships
A business is only as good as the people behind it, and that includes the entrepreneur, the employees and the suppliers/collaborators. When you are launching your business, take the time to recruit the right employee for your business, industry and the role. In the workplace, you also want to encourage creativity and inclusivity. Keep in mind that your employees and collaborators are customers as well. They can provide useful insight into the ongoing trends and changing demands of customers out there.
Use that to your advantage. You should also take steps to protect both your business and employee by securing employee cover, and with an abundance of digital insurance platforms, it is now simpler than ever. Cerity note the importance of tailored quotes that allow companies to protect their business as well as the workforce, providing more security for everyone. Having a competitive employee compensation package will act as a great selling point in retaining the right talent for your business.
Play On Your Competitive Advantage – Or Create One
If you want to stand out in a saturated market, you need to make your business different and build your brand on that. Most businesses tend to automatically go for a price approach, but it turns out that customers associate a brand with their experience and the value they provide. If there is something (either a service or product) that you do differently to your competitors, don’t be afraid to capitalize on it.
It can be a different ingredient in your product (perhaps your product is all-natural or made locally) or it can be a service like a 24 hours customer hotline, simple to use shopping website or unique storefront. Alternatively, you can narrow down your target demographic and focus on a specific niche in the industry. Finally, don’t forget to promote your business’ unique qualities using consistent content marketing tactics such as blog posts or vlogs. This is a great way to get customers to interact and encourage a consumer-centric community or forum.
There is no question that the startup industry is a highly competitive one, both online and offline. With so many other businesses vying for consumers’ attention, you need to separate your business and its products from everyone else. Do this by concentrating on your customer relationship, creating a competitive advantage and building a strong network of business relationships.