Old Bay Insurance Agency Blog
The business world is largely unfair. It is the reason why many very good ideas could flop. It is also the reason why many average people can become extremely successful in business. Somewhere along the way, the biggest factor is a competitive advantage. It is also a way to win the competition.
Here are four ways to leave your competitors groping in the dark.
Emphasize Your Strengths More Than Your Weaknesses
In spite of your competitor’s edge when it comes to the quality of his product or its affordability, you can still find a way to win. Your job is to find out the weak points of these products and exploit them when you have to do your presentations and marketing. Emphasize to prospective customers and make your brand a much better choice.
Minimize waste while you maximize value. The value would refer to what your customers want to buy while waste is all the rest of the unwanted features. It means that you must constantly inform your clients and find out why they want to buy your product. You may also ask them how you can enhance it. Seek suggestions too about certain features they don’t like so that you can modify or get rid of them.
Look for Large Clients
If you have a large client, you can have a better business as you will surely have increased revenues. It means more employees to hire and more resources for your marketing needs. Moreover, large clients are easier to service compared to smaller ones. Additionally, larger clients will surely make your company appear more credible to other potential prospects.
Know Your Figures
The reason why many entrepreneurs break their business is that they do not have any idea about the critical numbers that can break their business. If you are a business owner, you should know your Average Customer Value, Return on Investment, and Cost Per Acquisition. More than trusting your secretary or accountant, it would be better than you understand the numbers yourself.
It is not sufficient that you know the rudiments of your business. The more important thing is that one should try to find legal ways to outwit one’s competitors. You should think of how to get ahead of him without having to harm the image of your competitor intentionally. At Old Bay Insurance Agency, we aim to make our client's life easier with policies that are tailored to their needs. You can get more information about our products and services by calling our agency at (410) 777-5390. Get your free quote today by CLICKING HERE.