Competitive Success
Essay Preview: Competitive Success
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Microsoft, Starbucks and Ford are examples of companies that have exemplified competitive success. Competitive success means victory over rival businesses or other industry leaders and is reflective of the decisions you make to ensure the success of your business. Investing in technology to enhance your services or taking measures to increase your customer base are examples of these decisions. Whatever the method, achieving competitive success requires a great deal of planning.
Awareness of Your Competition
Though competitive success begins with focusing on ways to better your business and its services, being cognizant of your competition is vital to determining how you make improvements. Evaluating the strengths and weaknesses of your competition and then comparing them to your strengths and weaknesses is a way of trying to gain an advantage in the competitive market. However, competition is not solely relegated to businesses. Competition can be societal factors such as the alternatives used by people in place of your product. Careful studies and attention to these factors are particularly important for startup businesses.
Having a Strong Marketing Base
Marketing is defined as a set of strategies to increase awareness about a company and its product or services. Some of the most effective marketing campaigns involve conveying a clear message. For example, Dunkin Donuts employs the message “America Runs on Dunkin.” In this way, Dunkin Donuts is proselytizing its brand, which consists of its mission, message, and daily operations. Having a strong marketing foundation influences how employees talk to customers about your business.
Prepare for the Future
According to the Kickstart Alliance, businesses often assess the future based on management. This includes managing the cash burn rate, learning and development and hiring personnel. When assessing your cash burn rate, it is important to consider making practical investments that can improve your product or service. Generally, basing investments on revenues is not an ideal way to plan for the future. Development should include training (both sales and customer service) and working with media outlets to enhance and increase the visibility of your company. Finally, staffing is critical to the future of any business. Companies with high turnover rates can lose consistency in customer service. Most successful companies are judicious regarding the termination of employees. As an example, an employee not producing sales may still be able to provide networking opportunities and information about the current marketplace.