FACTORS THAT HELP NEW VENTURES TO BUILD SUSTAINABLE COMPETITIVE MARKET
Is having extensive knowledge of your business sufficient enough to make it a successful venture? Complete understanding the market and analysing its factors, do they suffice to guarantee your start-up a mind-blowing beginning? In fact, is there even a limit of understanding the market? Can you ever stop learning about new tools and technologies making their advent in the market every other day? Likewise, there are innumerable factors that need to be given due respect while carrying out your market research and must be employed with utmost precision in your everyday business decisions. These factors will not only help maximise the profits but will also play a major role in building a sustainable competitive market, thus beneficial for all the stakeholders of the market.
In this ever changing market era with globalisation and industrialisation, nothing is static. Every single factor that drives the market forward is dynamic. And in this highly competitive world, if a business needs to survive and thrive, then understanding of these factors and assimilating them into your core business values is of utmost importance. Success can be achieved only by a perfect blend of effort and action. With this ever increasing competition, customer satisfaction is certainly the key to success for any company. Because, with increasing options for the customer, even the companies are at a high risk of losing their old consumer base if s/he is not satisfied.
This leads us to the first significant factor of market that has recently gained lots of importance:- Customer Loyalty. When company leaders strategize about sales growth, main focus lies on how to bring new customers. While it is very important to increase brand awareness and expansion of customer base, strategy making process must be employed in order to increase sales potential with the existing customer base. Looking for opportunities to grow profits with the existing customers is of utmost importance. Different strategies that can be adopted include add-on sales, customer loyalty programs and referral business and different coupons and offers.
Second factor that further plays a major role in business expansion and establishment of market dominance is smart adoption of technology. Gone are the days when offline marketing used to suffice as a business’ marketing tool. In this 21st century, with advancing technological improvements, digital tools’ employment has become of vital importance. These digital tools help in tackling tasks more efficiently, save on labour costs and streamline processes. However, this challenge comes with selecting the right technology tools for specific business goals. Proper alignment of these tools with various facets of your business strategy is key. Return on investment factors must be considered from multiple angles while choosing technology partners.
Furthermore, considering highly competent employees and working professionals of various companies, it is very important to train your employees in a highly competent manner. Business growth cannot occur in vacuum. All the employees must have a standard baseline of knowledge and skill from which they will cultivate their own growth. Again, in this technological era, online training platform helps in meeting the needs today. By training online, consistent knowledge transfer is ensured and customization of learning paths for each employee can easily be executed as well.
Next comes an indirect factor that even though might seem to be an invisible factor, but does matter a lot in business growth. This factor is social responsibility, which again implies you get back what you put out. When your company adopts policies of social responsibility, you are impacting your community and therefore your customers too in a positive way, as they are a part of the community too. For example, spreading awareness about any burning issue of concern and initiating campaigns for the same will be perceived with a positive outlook by any concerned citizen, thus creating a constructive goodwill.
Furthermore, a quality that is certainly said to be at the heart of an entrepreneur, i.e. leadership can never be negated. Just like what we see in nature during springtime, growth starts way below the surface. How your employees perceive you, the respect that they have for your strategies and policies is certainly an unavoidable issue. How the company mission drives the employees to work harder and do they have any sense of attachment with the core values of the business is a deciding factor for any business. As a leader of the company, one must pave the way to growth and success for everyone.
In a nutshell, we can say that entrepreneurship is certainly a multidimensional construct, including tight nexus incorporating the creator, the creating processes and new value creation. If one considers all these factors carefully and sufficient amount of efforts and resources are invested in every domain, then only the sustainable competitive market can be developed which will offer equal opportunities to all the players in the market and help develop a holistic growth opportunity for everyone.