Being first to the market with a sought-after new product or service can be a potential money-spinner.
If you've done your market research and business planning, pitched the product at the right price, planned the launch and have been particular about quality service, being first to the market will undoubtedly give you a competitive edge.
The challenge however of entering a competitive market is working out when the product or service is ready to launch. You may have to go in at a satisfactory quality level, rather than waiting to achieve the final couple of percentage points of quality.
If you procrastinate and a competitor beats you to it, you would have missed the opportunity to be the "pace setter" in the market by being first with the product
Know what your competitors are doing
Standing out above the others and being different is another way of creating your competitive edge.
To compete in a market, you need to know what your competitors are doing and offer a better deal.
But don't compete on price alone. Instead, make customers believe your business offers better value for money in other ways, for example:
- After sales service
- More personalised service
- Value-added service
- Long guarantees
- Better than average quality.
A small service station, for example, might offer a free tyre check and windshield-cleaning service to customers, to compete with the bigger self-service, cut price petrol stations.
When you have your customers thinking your product or service is a better deal, even if it's just the way they interpret it, then you have created a Unique Selling Proposition (USP) for your product or service in the market.
If you want to make profits in your business, try to make your business look different from that of your competitors. Dare to be different!
Contact us for help with your business planning today!