How to stay strong in today’s competitive environment
Sometimes it’s hard to focus on the basics. Technology changes on a daily basis, new competitors arise and the market is constant turmoil. It’s important, however, to slow down and take the pulse of your company. Are the fundamentals in place for a healthy balance sheet? A good place to start is making sure that you have a clear value proposition in place.
Why is it important for a company to have a value proposition?
Having a strong value proposition can sharpen your company’s focus and allow you to hone in on your greatest strengths.
Understanding who you are allows you to refine your value proposition so you separate yourself from your competitors rather than trying to keep up with them. You will never succeed if you simply try to keep pace with your competitors. They will always stay one step ahead.
What are the benefits of focusing on current customers?
Being successful doesn’t mean going after every available customer; at some point, you won’t be able to service your clientele properly. It’s important to cherish each customer that you do have. The reputation you achieve from making your customers feel truly valued is how you grow your business.
Your current customers are your most important ones because they have laid the foundation for the success of your business. Building a reputation on the back of excellent service creates a solid platform for growth. Don’t grow your client base any further unless you are able to treat your new clients as intimately as the ones you first established.
What are the dangers of taking customers for granted?
Customers need to feel like you’re taking them to a higher level through the use of your products or services. Your job isn’t just to deliver your product and walk away; it’s about making sure that your product has value to them.
How can a business prosper by ‘staying in shape’?
You need to make certain that the investments you plug into your business are the kind that keep you lean and strong. In order to make wise decisions, you must listen to the market as it is changing. The demographics for end users are changing, and they are much different than they were five to 10 years ago. Their requirements have changed considerably. Support is a key element in retaining and growing your business.
How should businesses balance the need for convenience versus security?
In today’s society, people generally prefer convenience over security. There’s a tradeoff, however. The most effective strategy is to use a balanced approach that guards your intellectual property while enabling users access to the information they need.
“A strong and differentiated value proposition can help your business capture your target market”, said Salomón Juan Marcos Villarreal, president of Grupo Denim.