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How to stay competitive in a disruptive market

Every entrepreneur knows that having competition in a market is part of business but when you add external disruptions then things start to get interesting. Remaining competitive becomes harder as the budgets become smaller. Let’s look at how to remain competitive in a disruptive market.

1. Understand your unique selling point (USP)

What do you do that is difficult to replicate? There may be many people in your market but for you to remain competitive you have to do your USP excellently. By excelling in it, you will keep the customers who come to you because of what you do outstandingly. So, aim for excellence.

2. Get digital

The evolution of technology has been rapid. In almost 60 years, music has gone from being played on a cassette tape with eleven songs to streaming services which give you access to over 60 million songs. What will technology look like in the next 60 years?

With these rapid developments, it is crucial for SMEs to look at their processes and adopt digital solutions where it seems viable. Digital solutions will assist you in having more streamlined processes and help you to be where your customers are. The new generation uses their devices for most functions in life and if you want to be seen by them you need to be where they are – online. One way to get quickly online is to see which platform most of your customers use and create a business page for your company on that platform. Then you will need to create informative and enticing posts to get your customers’ attention.

3. Give exceptional customer service

When customers choose to buy a product, they are considering more than just the product. They are considering the brand and marketing of the product. They could also be influenced by the customer service they receive. If your staff are rude to customers or slow to give service, this could damage your brand image. Therefore, it is important to invest in training your staff to give exceptional service to your customers. You should also supply them with all the information they need to do a good job.

4. Outsource the back office

What makes your SME unique? You should keep control and focus on the elements that make your SME stand out from the crowd. When it comes to back-office activities consider which ones will be best to outsource. If you struggle with accounting or bookkeeping, get someone who is passionate about numbers. If you struggle to keep your social media up to date, get someone who has an eye for design. By focusing on the core of your business and getting help in your back office you will be able to soar.

5. Use the right tools

Have you ever used a spoon to dig in the ground? If not, good a spade is always a better option. A spoon can do the job but will take time and make cause a mess along the way. While a spade which is purpose-designed for digging will get the dirt out in a few minutes. Consequently, use the correct tools for the core of your business. Ensure that you have the best tools you can afford to give the best service or product. By using the right tools, you will save on time and making mistakes.

By focusing on these five areas, you will be able to remain competitive in a disruptive market.

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