Have you been in business for more than 2 years… 5 years… 10 or more years? If so, that’s great! Your business seems to have established itself in your local market, or you have hung on for dear life, year after year. Either way, there must be a reason why your business has survived the flood of competitors that enter your local market or service area. This may be hard to do in businesses that are not started in rural areas. So, how do you make sure to stay competitive for years to come?
We have listed 3 Ways to sustain your competitive advantage in your local market to help your business grow and hold its place in your market.
When you first opened your business, did you have or set realistic goals for growth or for successful market penetration? Some business owners think that once the door is open for business, the business will take care of itself or the word will spread on it’s own and the masses will know there is a new business in town. But is that enough to forecast your market share or your revenue potential? How will you benchmark your business or conduct the research to know what is best for your business to climb in rank or dominate the industry space?
If you don’t have a plan to stay competitive, this can affect your future growth plans. Together, we can help develop a plan to help your position in the local market.
With everything there can be great risk, great loss, and great reward. Don’t gamble with your business. Make a plan. I don’t mean a business plan, like the one you may have done before you started your business. I mean a growth plan that will help you at month six, year one, year two, and so on. Building on your brand recognition, your corporate identity, your marketing strategy, and your customer experience are the things to make this growth plan worthy of your constant attention, adherence, and monitoring. Don’t just roll the dice and hope for a win.
We can help you develop a strong growth plan to help push you forward every step of the way.
Change is inevitable… always around the corner, always happening. Expect it. One of the most important things in growing your business is to remember to make the changes necessary to stay competitive. The term “sink or swim” comes to mind and nobody has time to sink when you’ve got a business to manage, grow, and sustain in your local market. Don’t become prudish and let the new businesses grab ahold of your customers because of fear, doubt, stubbornness, or complacency. Be open to change your messaging, branding, menu, services, deliverables, or even the look of your business identity. Change can be tough work, but when it works, oh, it can be sooo good.
I hope this blog topic helped in understanding the importance of growth, sustaining growth and really understanding your competitive market. We are here to help you with direction, consulting, coaching, and are willing to strategize with you to help you achieve your business growth goals and to help you sustain your place in the market.
Here are my final thoughts to conclude with this topic:
Your dreams are just thoughts without plans and your plans are nothing more than notes unless there is action. Without positive, measurable results, your actions are trials with gains, losses, or errors that can be repeated or forgotten.
RSP.Marketing is a full service digital media agency that works with business to fulfill their marketing goals and push their businesses forward.