Does your business play “follow the leader” or is your business the leader? How you answer the question says a lot about your business and your target market.
If your business caters to a “niche” market, then your business should be on the leading edge of trends that pertain to that business. Why? Because a niche market is usually a small market, and there is not a lot of “wiggle” room; hence, your business must target and capture a good percentage of that market. Research your market niche and understand your customer well, as this knowledge will motivate all of your business’s marketing strategies.Your business must be a leader to stay ahead of your customers. And, of course, your business will lead the competition. In either case, a “leader” will increase its market share and, ultimately, will increase its sales. If you are a niche-marketer, you must understand your strengths and your core-competencies and expand on them. Understanding what differentiates your business from your competition is an important component of business.
Spend the Time
What makes your business unique? What makes your business better? It is not enough to manage the business on a day-to-day basis. If your business is to grow, and flourish, it is mandatory that a business spends time:
- Developing new ideas
- Establishing new goals
- Exploring new opportunities
- Building new relationships with suppliers
- Establishing new and more innovative ways to improve products and services
- Improving the delivery of services
- Building a strong, motivated staff
Take Charge Now
If you are to establish your business as a leader… then lead. Take charge now and improve business by implementing some changes. Answering the following questions can steer you in the right direction:
- Do you sell innovative and leading-edge products and/or technology?
- Have you changed suppliers lately? If not, why not?
- Do you regularly ask your agents or “reps” for advice or tips on “What’s hot, what’s not?”
- Do you attend trade shows on a regular basis? Do you attend trade shows outside of the country? Do you attend the seminars? Do you ask questions of the experts?
- Is your website new, innovative, or exciting? Does it look stale?
- Have you updated the fixtures, the merchandising, or packaging recently?
- Does your staff attend training seminars and conferences on a regular basis?
- Do you hold regular staff meetings? Does your staff give input?
- Are employees’ compensation and benefits competitive in your industry?
- Are your marketing and advertising strategies innovative, unique, or memorable?
It is not easy to become a leader in business, in fact, the commitment is huge but, the formula is quite simple:
- Sell unique, quality products and services that are leading-edge.
- Understand your customers and their habits. Read industry and trade periodicals; research statistics; Google keyword suggestion tools and get to understand the demands and interests of your target market; read about future trends in your trade and industry; subscribe to electronic newsletters; find out what your industry forecasts – trends, tips, buying habits, etc.
- Employ and train staff to deliver a superior customer service that is memorable to the customer. Always treat customers with respect, as they are the drivers of your business.
- Merchandise the product and service in a truly unique way. Ensure the customer is “wowed” by the experience. It is a show! Therefore, make it a good one.
- Make promises that you can keep – guaranteed. You only have one reputation – make it outstanding!
- Look for bigger, better, and more efficient ways to stream-line business every day.
- Adopt the mission statement: “In every way, we are getting better and better.”
Business leaders deliver superior products and superior service. They attract and retain only the best and the brightest of staff. Most importantly, business leaders attract customers. Be a leader and stay ahead of your customers.