ComputerHunter.org |
|
|
|||
|
 |
Competitive Edge
In his book, The Road Ahead, Bill Gates of Microsoft writes of "friction-free capitalism" made possible by developments in communications, chief among them the Internet and its World Wide Web. In this context, "friction" is everything that keeps markets from functioning as the "perfect competition" of economics textbooks. This friction can be a function of distance between buyer and seller, costs of overcoming this distance, and incomplete or incorrect information. Friction manifests itself by causing barriers to entry for new competitors, limiting the number of outlets from which the consumer has to choose. Large companies, with multiple sales outlets, and economies of scale, have greater power to direct the marketplace. The degree of friction in the developed world has been decreasing for some years now. Affordable air travel, overnight delivery, improved telephone and fax communications have shortened distances. Credit cards and toll-free numbers have spawned at-home shopping from sources across the country. The Web has taken the friction in our economy down another notch. In principle, we can sell products and services to a worldwide audience as easily and effectively as our largest multi-national competitor. In the friction-less economy, the challenge of differentiating ourselves from the competition becomes even greater. Successful small businesses tend to be those who can find some competitive edge, even when their product or service is similar to those around them. Marketing professionals often call a business' competitive edge their "unique selling proposition," or USP. Pinpointing and refining one's USP, however, is not a simple matter. An approach is unique only in the context of our competitors' marketing messages. Some marketing messages go beyond product and service characteristics. For example, Charles Revson, founder of Revlon, insisted that he sold hope, not makeup. Similarly, United Airlines sells "friendly skies," and Wal-Mart sells "always" the low price. Do these slogans convey how each company views their customers? Does their selling proposition appeal to your preferences? Sharpen your USP: ? Put yourself in your customer's shoes; satisfy their needs, not yours. ? Know what motivates behavior and buying decisions. ? Find the real reasons people would buy your product instead of a competitor's. Ask them! ? "Shop" the competition, be open-minded about your product, and never stop looking for ways to make your product stand out. Try now to recast your business idea in terms of its competitive advantage. Prepare an industry analysis (size, customers, trends, and competitiveness). Identify what you see as your specific market, and estimate the share you think you can capture. The Web can be a powerful research assistant. Virtually every major business puts product and service information on the Web, including business directory services and magazines. Search engines can help in improving your understanding of your industry, and the key success factors. Test the resources available on the Web. Visit sites of major companies in the industry, where appropriate. Search the archives of business magazines for articles that give background and statistics. John B. Vinturella, Ph.D. has almost 40 years experience as a management and strategic consultant, entrepreneur, author, and college professor. For 20 of those years, Dr. Vinturella was owner/president of a distribution company that he founded. He is a principal in business opportunity sites jbv.com and muddledconcept.com, and maintains business and political blogs.
Google News - Top Stories
|
|
|
|
RELATED ARTICLES
Business Startup Checklist Use this comprehensive checklist to plan each step of your new business and transform your dream of entrepreneurship into reality. These steps may not necessarily be completed in the order listed, however, you can use them as a guideline for completing all of the necessary business startup tasks. Cross Polination of Innovations in the Cleaning Industry According to the latest edition of Pool and Spa news; the costs of maintaining a pool, maintenance service averages about $30.00 to $150 per month depending on competition, size of pool and area you live in. This seems similar to maintenance costs associated with cleaning of the family cars if you hire out a mobile detailing service or mobile car wash. For this reason we have been studying their industry for parallels and ways to incorporate some of their methodology, software for scheduling and other anomalies associated with that industry for ideas to incorporate into ours. Should You Write Your Own Business Plan? If you are just starting a company and looking for funding, or looking for additional funding for growth, you will need to develop a traditional business plan. Creating a business plan is a business hurdle that entrepreneurs seem to dread. Do you do it yourself? Do you hire someone to do it? How do you get it done quickly, but without spending too much money on it? Will what you do yourself be adequate to get funding? Business Planning for College Students and First-Time Entrepreneurs More and more students, both in undergraduate and graduate institutions, are deciding to launch their own ventures upon graduation rather than taking the traditional route of working for another firm. Likewise, more and more individuals are leaving their jobs to fulfill their entrepreneurial dreams. Find Out If You WILL Be Successful As a Franchisee? Will I be successful as a franchisee? History of Enterprise Car Rentals So few really understand the drives and motivations of entrepreneurs. Many write about them, some lecture and teach about what they are, how they operate and what they have achieved; yet so few really understand them. So many fail to realize the dedication and sacrifice it takes to win at that level and the super stars are so rare that one just has to look in awe. One of the greatest stories of Entrepreneurial success is that of Jack Taylor who founded Enterprise Rent-A-Car. I therefore recommend this book about the History of Enterprise Rent-A-Car Book is; Entrepreneurial Ongoing Education Advice I would like to give some advice to all the up and coming entrepreneurs; if you really want to be a superstar not only do you have to work harder and smarter than the competition, but you must always keep learning. I built a company from a bucket of water and a sponge into a National Car Wash Franchise System in 23 states. To do this you need to know more than what they taught you in school and you can never turn off your brain. Every person is different and has different interests. But I would like you to read thru my recommended reading list. This is a list I hand out to MBA and Entrepreneurial Students when I give speeches. It is a list of recommended book, biography, audio tapes and movies. Vendor Relations Communication is the key to vendor relations. In your small business, you will be in need of many products and services. Unfortunately, not every company that provides these products and services will have their act together as much as you do. You, as a small businessperson, were able to carefully study each purchase because it was your money. You knew exactly when, where, how and at what price you were willing to partake in those purchases. Not all vendors you deal with will have such savvy folks working for them. The Visionary Entrepreneur Any success you have in life must begin with a vision. A vision is the ability to see what others cannot see. It is being able to have a picture in your mind of exactly the result you intend to produce. The visionary entrepreneur is able to see exactly what his or her business is going to look like in every detail when it is finished. Traits of The Successful Entrepreneur Want to know why certain people succeed and others don't. Well successful people have certain traits? Do you have them? Creativity & Entrepreneurship: The Creative Evolution of an Intellectual Property© In each of us, there is a creative spark - a unique purpose and destiny for which we are born. Most of us have forgotten what that special gift is, or we are afraid to live it. My successful secret formula as outlined in my seminars, e-book and CD's will help you unlock your creative potential and discover your purpose in life. Passion, right-action, hard work and a commitment to excellence will create the quantum leap you desire in your life today! Creativity & Entrepreneurship - Key Questions From My Students Hello Creative Entrepreneurs! How to Become a Successful Entrepreneur on the Web Becoming a successful entrepreneur in the online world is no different than becoming a successful entrepreneur in the brick-and-mortar world. Both tasks require vision, determination, and hard work. Ancient Warrior Secrets For The Modern Entrepreneur The words you see onscreen trigger subconscious responses. Dark images penetrate your mind. Your heartbeat increases slightly. Your muscles tighten. Like a warrior advancing to combat, you prepare to engage with your market. Ready, aim, fire. You send an email! Everyday, military metaphors are projected across our computer screens. Guerrilla marketing. Market penetration. Global domination. Competitive intelligence and more. How do you approach your marketing, your business? At the end of the day, do you feel like you have been in battle? Suffering battle fatigue. Fear of Failure Of all the real or perceived impediments to success, the biggest is the fear of failure. Certainly, there are often many other obstacles to overcome, but it is this one phantom that prevents most people from even attempting to create the success they imagine that they want. What Kind of Business Should I Start? It's not uncommon to reach your 30s, 40s or even 50s and still wonder, "What do I want to be when I grow up?" Few people are fortunate enough to be certain of their destinies early on and the rest of us are forced to do some soul searching. Why I Should Go In To Business Rohit Kochgaway was very upset with his boss for his rebuking him today in office. He was very upset with his job. When he reached home in evening his wife got the penalty for asking to go out in form of bad mood. After one hour at home, he exploded the bomb. Are You Sure You Want To Start Your Own Business? Part Two of a Series Why, exactly, do you want to go into business for yourself? Is it because you cannot stand the thought of working for an uptight, demanding, and perfectly dreadful boss? Top Ten Ways to Increase Your Profitability 1) Go back to basics. Take a couple of steps back and address the fundamental facts or principles of your business. Going back to basics can mean cleaning the slate and focusing on basic elements that create success. Success Secrets - What I, Mike Litman Learned From This Old Book Yesterday was a beautiful, sunny day in New York and yes, I spent it alone :}.
|
|
|
|
|
