As an entrepreneur, there are many things you can do to ensure that your business thrives in a competitive environment. In this article, I have analyzed some of these things
1. Identify A Gap In The Market And Exploit It
This is a good business strategy that can ensure that you are always one step ahead of your competitors. However, you have to be innovative, creative, and willing to take risks.
An easy way of identifying a gap in the market is by carrying out a survey. Ask your customers about the products or services which they will love to have but can't find in the market. From their feedback, If you discover a high demand for a product or service and you are able to meet the demand you will make profits
2. Make Your Establishment A One-Stop-Shop
This is a great way to make profits and have an edge over your competitors. No one would want to go through the stress of "driving all over the town" to attain related services at different shops when they can get everything in one shop.
For example, a car tyre seller who also sells tyre related products like wheels, tyre tubes, valves, and renders vulcanizing services will almost certainly thrive in a market where his competitors sell only car tyres. This is because customers will rather buy tyres from him and not have to worry about searching for a vulcanizer to fix the tire on their cars than buy from his competitor and start looking for a vulcanizer
3. Gain The Loyalty And Trust Of Your Customers
As an entrepreneur, gaining the loyalty and trust of your customers is very important for the growth and success of your business. Two good ways of doing this are to make sure you always give your customers quality products and make them feel special.
One of the best ways of making your customers feel special is to give them gifts. You don't have to "break your bank" to do this, little gifts like branded t-shirts, hand fans, cups can go a long way to make your customers feel appreciated and remain loyal to you
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