If you’re looking at your business wondering how you can take it from David to Goliath, there are some tips and tricks you should utilize that will help you monopolize your market. Beating out the competition and winning customers is often more easily accomplished through simple and time-tested methodologies than through revolutionary business ideas. Focus on the following aspects of your business and refine them, and soon you’ll be climbing the ranks.
It doesn’t matter if you have the best prices, the most inventory, and the biggest advertising budget in the world if you have bad customer service. Surveys and studies have proved time and time again that customers would rather pay a little extra to get great service than save money and not be able to get their questions answered or be treated rudely. Always have your customer in mind, and think of the complaints you’ve had about customer service in the past. Then do everything you can to ensure your customers don’t have to experience those hardships.
Be Able to Organize Your Inventory
The bigger you get, the more inventory you’ll have, and the more inventory you have the better an organizational system you’ll need. Getting your UPC labeling system in place is one of the first things you should do to organize and track your items, even if you don’t have a lot of inventory right now. Starting with that categorization and tracking system in place when you have minimal inventory to manage will save you a lot of time, frustration, and money in the long run as your business grows.
Develop a Niche
One of the most common misconceptions is that in order to monopolize a market you have to be a huge company, like Wal-Mart, and have hundreds of stores across the nation. However, by developing a niche and monopolizing that niche, even smaller businesses can become monopolies. If you see a gap in a larger market that you can fill with a niche brand you have a great chance of becoming highly successful.
Benefits Sell, Features Don’t
Another common mistake that business owners make is to focus too much on features when they go to sell their product. All the features in the world won’t help you if your customer can’t figure out how your product benefits them. Assume everyone is approaching your product thinking “What will this do for me?”, then answer that question.
Samuel Clemens, better known as Mark Twain, wasn’t just a great author, he was a great businessman, too. He once said “Whenever you find yourself on the side of the majority, it is time to pause and reflect.” The implication, of course, is that if you’re doing what everyone else is doing, you’ll be where the majority is. And the majority is most certainly not on the Fortune 500 list. Nearly every entrepreneur whose business has graced the coveted list has done things that most people thought was wrong or destined to fail, and proved people wrong. Defy tradition and pave your own path – it’s the only one that has a chance of getting you to the top. These are just a few of the many ways you can take a small company and monopolize an industry with it. You don’t have to be a giant in order to take control over a large portion of your market; you just have to know what you’re doing, do it well, and always focus on the customer above all else.