Seemingly in every business category today, more businesses are being commoditized by the sheer abundance of choices customers have. It’s customers who decide who leads and who fails. How competition-proof is your business right now?
When customers have abundant choice, competition is always fierce. How do you differentiate your business in ways that matter to your customers? How do you command premium prices and greater profit margins when everyone else is discounting prices fighting to break even? More importantly, how do you, a creative entrepreneur, gain radical advantage over your would-be competitors in an ultra-competitive marketplace? I’m absolutely sure these questions swirl around in your head on a daily basis.
Here are six strategies that are fundamental to creating a competition-proof business– one that’s aligned to your greatest passions, talents, vision and life goals. For many entrepreneurs, (myself included) creating more value for people through creativity and innovation is a burning passion, and a fabulously cool way to travel through life’s journey.
As you think, so it becomes!
The seed of all great innovation is thought. If you fear your competitors, and believe their presence controls your success, they will. On the other hand, if you believe there is always an abundance of opportunity available for all, and your thinking is always in that inspired direction, opportunity will always be present for you.
Do what matters to you and serves others!
What do you love? You must engage yourself in what you love–in what brings meaning and joy to your life. More importantly, what brings meaning and joy to you must serve the good of others as well. When you do this, you begin to realize there are no limits to your growth and success. You delight in asking yourself ” how far can I go?” Your business is the creative venue for this expression!
Be different, and make a difference!
What do you stand for? To be competitive-proof, your business must be good–and different. Radically different! To radically differentiate your business from the slush pile of good, you must position your value proposition (what value and benefit you provide to people in need) within a deep and narrow focus. Your product/service must be highly specialized, and solve specific problems with better outcomes than people are currently experiencing.
Provide more use value than you receive in cash value!
Here’s the source code for zero competition: whatever the amount of cash your customer pays you is always reciprocated with an experience of greater use value. Whenever customers perceive greater value in the (experience) use of a product or service than they paid in cash for it, they become raving, loyal customers, if not outright non-paid advocates of your business.
Focus on your genius, delegate everything else!
The force multiplier in value creation and business growth begins when you elevate yourself to a place where all you focus on is opportunity to create value. Everything else is delegated (outsourced). Give yourself permission to allow the unique genius in you to run the show. Haven’t tapped into your genius yet? Here’s a clue: It feels so natural to you, you hardly give it any attention at all. You are so amazing at it, you don’t even sense it’s power to transform your current circumstances– and you have never been without it!
Turn customers into your non-paid sales force!
To attract opportunity, create value for others first. The marketplace rewards those who earn and deserve, never because they desire or need business. It can’t be said enough–always make the customer successful first! When you do, your customers will be life-long ambassadors of your success.
When you develop the disciplined thinking and action required to implement these important strategies as a daily practice, you’ll be astonished at how fast your breakthroughs in growth will occur. It will be in quantum leaps rather than incremental spikes.
When you free yourself to focus only on your most important activities, relationships and opportunities–increased revenue and profits are the natural result.