Today’s every company are in the race of how other companies are generating revenue, what innovation is doing. This is not bad, but sometimes it will waste our precious time on what innovation you have to do for your company. Every company is in the war from inside or outside in achieving their goals. This war is not only giving them a loss in revenue but also in time or resources wasting because of competition. As a great leader, you have to always think or use most of the resources for your company to achieve goals. So here are 5 strategies to makes your company different from other company.
Know when to compete or not
Today everybody is copying one another ideas, how they are marketing their products. Because of that, you think there are some drawbacks in your products, but you should always understand there are no perfect products. Each Day technology is changing, so you have to always think about how you will improve your products without competing or wasting your precious time on copying other products. Always remember those company who has a unique product and always do innovation never think about to compete with others but think to become unique in products and their marketing are more successful than others.
Competitive advantage has a limited lifespan. But the sustainable advantage is the best in the long term and it can be achieved only when you compete with technology and innovation to build your unique products.
Emotion vs Value
Nowadays every company is in war how they can acquire more customers. For this they spend lots of money on advertising and use emotion to attract customers, these strategies help to get customers but this will end after some time if you will not give value from your products to customers.
Emotion-based advertising runs for short term, but value-based advertising makes your company sustainable for the long term.
Know your competitors and yourself
To sustain for the long term you have to know about your products. What is its strength and how your company eliminates weakness, but most companies don’t do it because of this they compete with other company without knowing how your own products give more value than your competitors.
So always try to know your competitors how they are using technology to innovate their products. If you will know your products and strength yourself with technology then you automatically win over competitors for the long term.
Deceptive competition vs productivity
When you always try to sell your products without value to customers. It tends to you enter in a deceptive competition like mostly company are doing nowadays.
This deceptive competition helps to get the attention of customers toward your company, but it runs for Short term and your productivity or innovation toward product decreased. So always understand the difference between productivity based competition and deceptive based competition.
Be prepared before uncertainty
New technology is emerging overnight many new products are launching every day with the latest innovations.
Existed company doesn’t know when our business will end Jeff Bezos said during an interview we know someday Amazon will end but only I can do how I delay it by preparing previously knowing that uncertainty will happen in future. So always be ready and make your company cope with technology every day.