4 Tips for a New Business to Gain a Competitive Advantage

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Owners of new businesses have a lot to worry about, from launching their products innovatively to exceeding customers’ expectations, there are many challenges that they have to face. But the most difficult challenge is to earn a distinctive place among the competitors. For new businesses the only way to survive in a competitive business environment is to be different from others. Adding value to your new business starts off with being unique. While there are a number of ways to do that, here are some tips that would actually help you in earning an edge over your competitors.

Name Your Business and Design Your Logo Uniquely

While this may seem like a trivial thing, customers remember a business from its name and logo. For a new business it is important to pay attention to the name of the business and design of the logo. You should keep the business’ name short, interesting and easy to remember. The business logo should complement the product/service you are offering, keep the design appealing, easy to comprehend and memorable. The color of the logo matters a lot since it is likely to interpret your business, so you ought to be careful while choosing it.

Offer Something Different to Your Customers

Customers tend to remember brands that offer them something different and original. Even if your product/service is the same as your competitors you need to find unique selling points for it to grab the attention of your potential buyers. The best way to go around this is to make a list of features your product/service offers, compare them with your competitors. There would be certainly something new and different about your business that you can use as a competitive advantage, if not you can focus on remarkable customer service and experience to make you stand out. If for instance, you are planning to open a restaurant, you can add something new to the recipes and offer your customers signature dishes, you can surprise your customers with traditional food festivals where they can enjoy different cuisines from around the world. You can decorate the back drop accordingly and dress the servers wearing traditional clothes from different regions to spice up the experience.

Focus on Quality, Variety and Competitive Price

What are the prime factors that would entice the customers to buy from you? If for instance you are about to launch a shoe brand, the decisive factors for a customer to shop from you would be quality, variety and competitive price. You need to keep in mind customers’ expectations before launching a new business. Quality is something a customer would never compromise on, so make it the number one thing in your checklist. The second most important factor is variety, giving your customers an array of options to choose from, would definitely earn you an edge. The third thing that you should be providing your prospective customers is competitive price, customers these days compare prices of different brands and choose the one that they feel is offering them the “best deal.” So giving your customers a great combo of quality, variety and competitive price is likely to make you a popular and trustworthy brand.

Be a Brand that Loves to Connect with Customers

If you want to be in the list of those businesses that customers really remember and recommend to their friends and family, be interactive and communicate with them on various platforms. Start off with integrating live chat support on your website, this feature not only helps you to communicate with your visitors in real time but also gives you a competitive edge by resolving customers’ complaints and addressing their queries/concerns immediately. Create social media profiles for your new business, update them on a regular basis and get likes and tweets from your potential customers. Apart from this, call your first customers to develop a relationship with them, send them greeting and thank you cards to show you love interacting with them. Active communication with your customers is an important factor that is likely to earn you a strong presence.

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