As business owners, it used to be we had to worry about competing with the big fish; big brands with money to spend on marketing and advertising, leaving little room for the little guy. This is no longer the case. The internet has – to a large degree – leveled the playing field, giving smaller brands a much better shot at reaching their potential audience efficiently and effectively. The combination of the Internet, social media and globalization creates greater access to resources and a wider marketplace and customer pool. But as old barriers have broken down, in its place, a whole new wave of competition has emerged and from big and small brands alike. And now, with such competition, speed becomes a way to set apart the real players, separating them from the rest of the pack.
Nothing is new under the sun. In such a world, it’s not so much about a new idea as it is about improving upon an idea, it’s not only about meeting the needs of the customer, it’s about doing a better job meeting those needs than the competition. And here we see just one area where brands can use speed to gain a competitive advantage within the marketplace. In a space where separating ourselves from the pack isn’t easy but necessary still, speed is a great way to build a reputation for excellence by improving the quality of experience and level of convenience for the customer, thus distinguishing the brand from the competition.
Speed not only helps to create a higher quality service for the customer, it also sparks momentum and waves a progression that, on their own, create continuous opportunities for growth. As well, the quicker we can move an idea from concept to implementation the quicker we can know what works and what doesn’t. This then allows us to double down on winners at a faster rate accelerating the process of the overall growth and success for our business.
And lastly, in this fast paced environment where things are always changing, it is critical to the survival of our brand to stay on top of industry trends and where appropriate, integrate new ideas and technologies just to keep competitive. Understanding industry direction enhances our ability to notice opportunities for growth as well as any potential pitfalls that lay ahead. This information allows us to adjust our business model accordingly, ensuring the stability, longevity, and success of our business.
Latest posts by Joy Fejoku (see all)
- Using Speed as a Competitive Advantage - May 25, 2017
- 10 Lady Bosses Share Advice About Life and Business - May 18, 2017
- 5 Tips For Finding Inspiration Fast - May 4, 2017