What it takes to Succeed in Today's Competitive Market

The world or global market today is filled up with competitions, as new products are out with time they get replaced by brand new ones, as new skills are discovered, more advance skills are rediscovered, as new machines are invented or improved another more advance machines are discovered. In fact we live in a dynamic world where things are constantly in the process of change.

  Today I will discussing how an entrepreneur which I believe you are one can survive in this competitive market where things are constantly changing. People often start their businesses but due to the high level of constant competition they die off. The question that comes to your mind is why did I fail? Is it that I am not good for that business? Or is it that I have a wrong approach? Well something tells me if you have experience such and you are reading this write up, then it means you are not giving up, which is good for you.

  The sincere truth is that, most of us remain poor because we give up so easily. Listen, it is never bad to think of giving up, what is bad is the fact that you give up. So lucky for you that you never give up easily and that's the most important skills you need is surviving a fierce competition.

  TIPS IN SURVIVING THE COMPETITION

  First and foremost, it is important to know that competition is a mechanism which aims at weeding out the weaker firm. So how do you survive the competition?

1. LET YOUR PRODUCT/SERVICE BE COMPETENT

   The truth about surviving competition is that your product/services must be very qualitative and unique, it must be good enough to speak for itself as no one will want to waste his money on things that yields no satisfaction. It must be unique in the sense that, let it taste differs from other product, let the way you deliver your service be flexible and prompt.

2. BRANDING YOUR BUSINESS

    The way you brand your product in form of packaging, labeling and colour will determine how well you sell. The colour of your packet must be attractive and calling, your brand should be unique and be define so that the moment people sees it they know what it is.

   Have you ever thought of why KONGA and JUMIA are the leading online store in Nigeria. This comes only as a result of the branding. So learn to do the right branding.

3. SURROUND YOURSELF WITH INTELLIGENT STAFF

  Qualitative products/service and branding is not just enough for you to survive the competition, it requires surrounding yourself with intelligent people who are better than you. Microsoft never grew big because of only Bill Gate, Goggle is never the best without the thousands of it staff who built it prestige. Rotimi Williams a Nigerian millionaire at age 36, owns the second biggest Rice farm in Nigeria which is 45,000 hectares in Nassarawa State because he surround himself with people who know the art of farming rice better than him.

  So never forget that your employees also determine your survival as an entrepreneur or a businessman.

4. DON'T UNDERATE THE POWER OF THE SOCIAL MEDIA

   Nigeria today have more than 50 million visitors on the Internet on a daily basis, imagine if you can only attract the attention of 25 million Nigerians, and then you are able to convince the 50 percent of them to buy your product. You have Facebook, Twitter, Instagram, LinkedIn, Blog and many more social networks to promote your brand. Imagine you don't have to spend a penny to do this but however you can pay a peanut on Facebook to reach more people to get to know your product.

5. CREATE AN ONLINE PRESENCE

  some month ago, I did a subscription for my AIRTEL SIM, I actually had a network problem as my SIM is only able to access the Internet with Opera while I wanted to use Mozilla Firefox, however I tried calling the customer care but they recall busy, so what I did was to simply contact AIRTEL customer service on twitter and guess what, they replied my tweet and follow me then they simply send a DM (direct Message) which I use to correct the fault. Today, I don't feel like I am going to use any other network than AIRTEL.

  So what I mean is, you must create an online presence to help meet your customers wants and in return you get loyalty from them. So employ someone to manage your social network handle and you will see heaps of customers at your door step.

   Thank you for reading this piece, make sure you apply every bit of it to survive the competition. How can we help you grow your business if we don't receive your reply, so please get commenting and If possible share it if you like it.