5 Ways to Position Your Product/Service Above the Competition in the MarketPlace for Success

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Ever wondered the real meaning of SUCCESS? Or the fact that a company becomes more successful than its competitors in the marketplace.

In the world of business, wealth is measured in terms of real success. The revenue from sales and the corresponding expenditures are key metrics to watch out for. Numbers are like words, put them together, and they tell the story of the business, based on facts.

There's no doubt, competition in the marketplace has become stronger as the markets keep getting crowded with several products competing for customers' attention. In this post, I'll walk you through 5 ways to position your product or service to be able to rise above the competition.

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BECOME A BRAND

In the minds of customers, branding adds value to your company or product through the combination of name, image, logo, colours, and packaging.

Branded products usually outperform other products that solve similar needs in the market. The act of branding is an important way of creating a differentiated tangible product or service.
Becoming a brand simply means differentiating yourself from other businesses.

Brands make the decision to "purchase" much easier.
Brands foster loyalty and repeat businesses.
A brand is certainly the best defense to commoditization. So try to build a brand, and not just a business.

DO MORE: ENSURE TO GO A STEP FURTHER

The marketplace is filled with products, sitting on a shelf and competing for customers' attention against a whole shelf of other competing products. Companies who become more successful were simply able to position their products against the growing competition in the market.

Increasing your market share becomes paramount if you really want to generate more sales revenue. That is why successful businesses are using several possible growth-hacking moves to strategically create a new customer. They call it "creative marketing strategy."

Let's take a look at few examples:
(1) Auto-responder giant, Aweber, still offer a 30-days free trial, for any new customer. This simple strategy has grown their number of active customers over the years.
(2) Dropbox used its "smart referral program" to successfully growth-hack their business.
(3) Some businesses offer discounts from time to time, to gain more customers.
(4) Many great authors have often given out hundreds of free copies of their work, in
exchange for a review. And this often trigger more sales on the long run.

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COMPETITIVE PRICING STRUCTURE

Businesses offering products of different prices and sizes, are more able to attract both high, middle, and low income earning customers.

Indomie, the biggest noddle makers in Nigeria, is leading the competition in the local market, offering over 8 different product brands of different sizes and prices.

Mobile phone manufacturers have also been using same competitive pricing structure to match all levels of income earners, and in turn sell millions of phones across several countries.

The idea of having different price ranges for your products can position your business on the path to survival in the face of competition.

OFFER GUARANTEE/MONEY-BACK RETURN POLICY

This feature have been used by many manufacturing companies for several years to significantly boost their sales volume.

Customers quickly jump into the band-wagon once they become aware of the guarantee that comes with purchasing and using the product. Most companies offer a year warranty for portable products, and more years for heavy equipment.

Businesses who are bold enough to offer money-back return policy have found a way into the heart of customers.

However, offering these features is a true test of the integrity of any business. Failure to be able to live up to these promises will have negative impact on the business.

UNIQUE VALUE PROPOSITION (UVP)

Recently, a lot has been said about the unique value proposition. Meanwhile a great number of business owners have not heard about it. Many others are faced with the challenges of being able to create a perfect unique value proposition, geared towards success.

The UVP is the anchor of your business brand. It is a simple, clear, compelling message that states why your product is different, and worth a customer's attention.

The UVP defines more of the benefits of the product to the customer, other than just mere product features. Simply find a way to tell customers what they stand to benefit from purchasing your product. This is the essence of having a unique value proposition.

"Abundance," in the marketplace has driven the competition over the rooftop. For almost every human need, there are several products and services competing for customers attention. "The smartest thing to do, for business owners yearning for success, is to strategically differentiate their business, product, or services to rise above the market competition."

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5 Ways to Maximize Profit in Any Business Venture

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It's one thing to want to embark on a business venture with prospects of profit-making at the end. It is another thing to eventually start up, then successfully track your way to the top.

For most small businesses, the way to the top invariably come with challenges of failures and restarts, hurdles to clear, and problems to be avoided. At the top, well above the break-even point; a significant part remaining from the total revenue will be withdrawn in cash, as the real profit.This is the earnest expectation of every businesses people set up.

But unfortunately, according to proven statistics, the rate of failures in new businesses after a specified period of time is so disturbing. However, there are systematic ways to follow, just like a professional, and by using these you will be able to maximize profit in any of your business venture.

PROPER CASH FLOW MANAGEMENT

Cash, when it comes to financial management of a growing business, is ultimately King. Cash is the lifeblood of a business-that oxygen that sustains combustion.

Cash flow is basically the movement of funds in and out of your business system. Business owners who lack basic accounting skills may end up facing more of cash flow problems. Successful business people already understand that accounting is the language of business.

At any given time: the exact amount of money that has been generated versus the cash that has flowed out in settling operational cost; tells the financial integrity of that business. If more cash has flowed out as against the incoming revenue, then it is lacking sound integrity. 

The only way to maximize profit is to try to minimize cost on all possible fronts. The result of minimizing cost results in the reduction of the amount of capital flowing out to cover expenses.

EFFECTIVE MARKETING CAMPAIGNS

Marketing is a process by which a business introduces a product/service into the market, promoting it to potential customers. You need to let others out there know that you are there, and willing to provide a service to them.

An effective marketing plan will likely boost the successful viability of your business. Without marketing, your business may offer the best product or service in town, but the majority of your potential customers out
there know nothing about you. For a business to succeed, the product or service it provides must be known to potential customers.

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It's a smart move to consult with a good marketing expert, and brainstorm on the best marketing options to follow. Thanks to technology: the long tail of communication opportunities have grown, consisting of  many new and different channels that can now be used to reach an audience.

STRATEGIC OPERATIONAL PLANNING

I was inspired to come up with this blog post after meeting a CEO of a startup
industrial cleaning company who failed to take any profit at the end of a particular cleaning project he executed.

Firstly, the cash flow statement at the end was greatly stretched beyond the initial cash flow statement forecast and budget estimation in the business plan document. 

Secondly, the team of workers put together as labour force never really used any operational manual in carrying out the cleaning task at hand. The team were never briefed or informed about work description,
and detailed scope of work required. There was little or no supervision of workers on site. The work was done out of order, and most end-task not professionally completed.

The end result was a monumental failure! Though fortunately the job was completed after additional two weeks, after burning all the remaining cash realized from the project.

An operational plan doesn't need to be rigid to be effective, but it must provide enough strategies and directions to keep the team on the right track to maximize profit at the end.

CREATIVE, INTELLIGENT, and FLEXIBLE BUSINESS LEADERSHIPA mentality of profit maximization is something successful business leaders have inside them. Profit maximization is the ability for a company to achieve maximum profit from sales of products or services, at low operating expenses.

Almost all producers are creative people. Consumers don't need to be creative to survive. Intelligent business leaders focus on how to improve and expand the business horizon. In order to generate more riches, flexible leaders become masters in recognizing people's needs and desires, and finding ways to satisfy these potential customers.

As a business leader, if you are flat, and have no energy, it flows to your staff, to your customers, and to your profit. 


MORE SALES, LARGE MARKET SHARE, LOYAL CUSTOMERS

Sales ultimately equals income. Interestingly, more sales would lead to more income.

Every business no doubt needs paying customers. The amount of money to be realized is directly proportional to the number of products/services sold.

In order to gain a large market share, you simply have to get your product out for thousands, if not even millions of people to see. Loyal customers will translate to repeat customers, and help boast sales.

It is the failure to find and build a significant path to customers that is among the top reasons most startups and existing businesses fail.

Profit maximization involves strategic and systematic approaches geared towards ensuring that a business makes profit at the end. It is important to do the right thing- the things that will ensure that cash flow movement can be controlled throughout the life of the business.

Accountants, book-keepers, bankers, marketers, managers, CEOs, and sales
people; must effectively play their professional roles for a business to be able
to maximize profit.

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