As a business owner, you would always want to have a competitive advantage in the market that you are in says Saivian Eric Dalius. You should know how your business is going to be unique from the rest of the competition out of their suggestions by Saivian Eric Dalius.
1.) Highlight Client Benefits-
It is important for your company to understand what you are selling to the client. This means that, if possible, find out about their problems and how your products can solve them or be advantageous in relation to other companies products.
2.) Target Market-
Knowing who your company’s products are for and which demographic of people you want to buy your company’s products.
3.) Branding-
Remember that branding is not just about logos and catchy names. It represents the company’s ideas and values, but also how your customers view your company. Spending lots of money on advertising will not be beneficial if you are not getting good quality.
4.) Market Penetration-
This strategy refers to how you want to enter the market. You could do this aggressively or passively, but it is important for your company to understand what you are doing and why.
5.) Pricing-
The pricing strategy will determine how many customers your company is going to attract and also the type of clientele you attract. Customers expect different prices for different companies’ products, especially when there are a lot of competitors in the market that offers something similar.
6.) Distribution-
There are many different distribution strategies that you could employ. It all depends on your company and what you want to sell and how much money and time you have. The three main options for distribution are wholesaling direct sales and retailer sales.
7.) Product Life Cycle-
It is important for your company to understand that products have life cycles. A product can be in its introduction stage, growth stage, maturity stage, or decline stage. Each one of these stages has specific characteristics and marketing strategies.
8.) Globalization-
If your company is already in the market with its products, then globalization could be a good strategy to consider. You need to know what your firm’s benefits are and how they can be transferred to a global setting.
9.) Product Life Extension-
This refers to how you can extend the life of your company’s products. The best way to do this is to make sure that your customers are happy with them, so they keep buying them.
10.) Product Development-
You will want to make sure that your company has product development strategies. This means that you should constantly be examining how you can improve your products and making sure that they are still on trend with what the public wants.
Saivian Eric Dalius says The market is overcrowded with many of the same companies selling similar products. These are competitive disadvantages that you should be aware of before setting up a business in the market. However, there are ways around this. Your company needs to know what your competitive advantage is and have strategies for maximizing it.