Is the new player in the market slowing down your sales? Have you seen any decline in customers signing up for your new business deal lately? Many times, we have seen startup beaten up at their own game due to superior marketing or technology entry into the market. It is hard enough to see your sales declining and competitors getting stronger, more so when you do not have a business backup plan or better solution to claim back your customers. How do you get back on your feet and hit back with a winning product or services at such times like these? Don’t lose heart yet, we are here to help you win back and become a true disruptor.
Disruptions are mainly due to new technology, new competitors, and change in customers needs. Many failed to survive from these due to lack of clarity and ideas to build a superior solution than the disruptors in the market. This is exactly why we wrote this article. You can use the following ideas to transform your business as a disruptor instead of being a victim.
Analyzing Customer Needs
We can’t stress enough the importance of knowing your customers needs to launch a product. Knowing who your customers are, what they want, what they need, and defining your target customers based on their income or geographical location as required, are all necessary to create a winning business plan. Remember, effective marketing and finding a good investor depends on how well you know your customers. Make a good analysis of your customers and that will bring you one step closer to your goal – disrupting the market.
Knowing the competitors’ products and services in terms of features, price, market share, and availability helps you create a business strategy better than rivals. Researching on their objectives, marketing strategies, and learning how they will respond once you enter the market will guide you to build a leading strategy. Without these information, delivering a disrupting solution will be a far cry.
Analyzing Strength and Weakness
To be a disruptor, you should know what business idea or technology makes them win and what makes them vulnerable. A thorough analysis of rivals strengths and weaknesses is a primary key in unlocking a winning business strategy.
Prioritizing All The Needs
Once you have analyzed your customer needs, competitions, and their strengths and weaknesses, it’s time now to get back to your drawing board and start your prioritization for strategic and operational level. Remember, a good prioritization can help in increasing efficiency, reduction in operational costs, and eliminating redundant tasks.
Setting up metrics to measure and manage is important to keep your business on target. It helps you in focusing on objectives, measuring performances, forecasting, and make your target visible to investors.
You set up strategy, goals, and metrics, but you need funds to let you make this happen. It is easy to think sales as the only factor that drive business success, but having sufficient fund and capital is equally important. Ensure that you raise sufficient funds and set the right budget to build a winning product to last through the whole product life cycle.
What if you got all your strategies, goals, metrics and budgets in place, but you have no expertise to make that into a reality? You need the right partner to help you with clarity of your goals, targets, and overall strategies. Get the right people with the right set of skills to bring all your ideas and goals to life.
By now, you would be well equipped with multiple ideas to build your strategy. It’s time for action to disrupt the market with your soon-to-be winning solution.