Outcompete anyone using your Business Network

Outcompete anyone using your Business Network

AUTHOR

chiefstaff

UPDATED ON

January 8, 2019

NUMBER OF WORDS

TIME TO READ

Thought leaders have a five star business network. They leverage of the value created by their business and supplier contacts to outcompete rivals and stay relevant. Your business can outcompete rivals too using its network. There are a number of ways your business can achieve this goal. Firstly, build a good business network. To outcompete your competitors, you must first have a network or trusted suppliers and customers. You can build your business network by joining your local chamber of commerce, optimising your online and offline business networks and attending regular, relevant networking events. The second key to outcompeting your rivals using your business network is to have your network communicate your business proposition. It is often said that the best advertising is done by word of mouth. Therefore, getting your network to communicate why customers should buy your products is essential to outcompeting anyone. The third part of outcompeting your rivals using your business network is to give your network ‘buy-in’ on your products. Your business needs to clearly demonstrate its value to your network, otherwise it will have difficulty demonstrating its value to customers. The final way that you can outcompete your rivals by using your business network is to continually review the contacts in your network to ensure that your contacts meet your goals.


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Notes:

  1. These ideas and concepts will be usually expressed by our thought leaders in multiple forums - conferences, speeches, books, reports, workshops, webinars, videos and training. You may have heard us say the same thing before.
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chiefstaff

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  • As I am from the digital marketing field after reading your blog I came to know that this blog begs the question “How do you outcompete other brokers or companies in digital marketing?”

    Competitor’s weakness is a golden opportunity for you to grab customers, and to differentiate yourself in a powerful way. For instance, my competitors work at high volume and can’t produce custom content for a single customer including social media. I can create strategies and solutions specific to their situation and outcompete the low wage college kid the big company uses. Big companies aren’t that agile. They can’t change suddenly and flex with the situation…[https://bit.ly/2zBWrZW]

  • I think the most important thing to outperform as a business network is to know your customers. Customer expectations can change dramatically. Find out what matters to your customers now – is it lowers price, more flexible or premium service, the latest products? Differentiate. It’s essential to give your customers good reasons to come to you rather than a rival. Develop a unique selling point (USP) that taps into what customers want. It should be clear and obvious – no-one should have to ask what makes you different.

  • Competition exists in every market. Smarter companies nullify the effect of competitors in order to stay ahead in the business through their business network. Innovation that the business network brings is very important. Giants like Nokia and BlackBerry were wiped out from the smartphone market because of lack of innovation. Always remember that your competitors are regularly innovating and new entrants are disrupting the marketplace. Your business network should innovate often and in a manner that the competition finds hard to follow.

  • Business competition can be fierce, especially in markets with aggressive competitors and when customer spending is slowing down. Find out who your competitors are, what they are offering, and what their strengths and weaknesses are. This will identify the areas you need to compete in, and give you a platform for differentiating yourself. This will also improve your network co-ordination and assemblage patterns.

  • As protectionist barriers crumble in emerging markets around the world, multinational companies are rushing in to find new opportunities for growth. Their arrival is a boon to local consumers, who benefit from the wider choices now available. For local companies, however, the influx often appears to be a death sentence. Accustomed to dominant positions in protected markets, they suddenly face foreign rivals wielding a daunting array of advantages: substantial financial resources, advanced technology, superior products, powerful brands, and seasoned marketing and management skills. Often, the very survival of local companies in emerging markets is at stake.

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