Instead of trying to shoot for the moon in terms of your company’s aggregate value, it might be better to measure your success against the competition in your industry. If you can increase the value of your business compared to those in your industry, you will capture market share and be that much closer to achieving market dominance.
Here’s how to do it.
Understand Customer Options and React Accordingly
The most important thing you can do as a business owner or manager is put yourself in the position of a prospective customer in need of your product or service. Get a sense of the options on the market. Consider what differentiates the competition from your business. This is not to say you should steal the competition’s ideas; rather, you can enhance your offerings all the more if you understand what customers have to choose from.
Offer Something Unique
Variety is the spice of life. Differentiate your offerings from that of the competition and your business will ramp up. Even if you offer a product or service with a subtle difference, this unique twist will distinguish you from the rest of the competition. Just make sure the distinguishing factor makes your offerings better than the competitors’ products in some way.
Invest in Your Online Footprint
It is not enough to simply have a website or a Facebook account. Your digital marketing efforts should be a major component of your overall marketing campaign. This means you should have a website with a regularly updated blog, social media accounts on all the major platforms, an active email account and other web-based touch points. Make your company accessible through the web and it will be that much easier to establish a rapport with your target audience. After all, those who seek you out online are inclined to spend for your products and services as they have displayed an active interest in your line of business.
Make Your Employees the Heart and Soul of Your Business
No single man or woman can operate a business of considerable size on his or her own. It is important to recognize the fact that at the end of the day, your employees really are your business. Hire the best employees on the market, invest in your staff to retain their services and your company’s value will eventually surpass that of the competition.
Keep Your Finger on the Pulse of the Industry
Forewarning of industry advancements and other events of significance really can give your company a meaningful competitive advantage. Continue to research and analyze the happenings in your particular industry. If research is not your thing, consider outsourcing research and writing projects to freelancers who can add insightful content to your online blog. Remain in the loop and your informational edge will provide your company with a significant competitive advantage across posterity.
Consider Acquiring a Competitor
One of the best ways to enhance your company value is to scoop up a competitor. Do your research, determine which companies would provide a strategic competitive advantage and make a bid. Bring the right company into the fold and you will immediately boost your company’s value. Perhaps more importantly, buying out the right competitor can directly eliminate a large part of the competition.
Keep Pushing to Expand Your Market Share
Focus on enhancing the value of your business and it will not be long until you emerge from the pack. Capture additional market share with each passing day and you will get better prices from suppliers, have more leeway with business partners and enjoy lower overhead costs. Continue to push for more and more customers until the competition gives in. You might even win enough market share to attract attention from a larger company looking to merge with or acquire your business.
Guest Post: About the Author
Marla DiCarlo is an accomplished business consultant with more than 28 years of professional accounting experience. As co-owner and CEO of Raincatcher, she helps business owners learn how to sell a business so they can get paid the maximum value for their company.