Economists always say that perfect competition is the ideal setup of a healthy marketplace. However, if we were to look at this from the point of view of a business-owner, perfect competition is actually very dangerous. Why? Because in a market where there are a lot of options offering the same products or services, it’s very hard to create your own identity and stand out from all competitors. Here’s the reality: in a perfectly competitive market where one company is just as good as the next, it means that, should you slip up and fail, it wouldn’t matter much because any other company can replace you in a matter of seconds. When you’re equally comparable to every other company out there, it’s easy to die a quick and quiet death. Nobody will even notice the absence of your company.
We can’t stress this enough: You HAVE to stand out and separate yourself from the pack. In fact, the goal is to gain a strong hold of your target market. How can you dominate and become the BEST option for customers? The ONLY choice of your clientele?
Oftentimes the deciding factor is technology. When you have a unique technology at your fingertips, you can offer something new to the market. You can provide services that have never been possible. You can address problems that are usually brushed off or have never been though of before. Certainly, the best way is to invent something of your own. But the next best thing is to employ the latest technologies out there. Upgrades that will significantly affect your business in a fast, and positive way. Find tools that your competition hasn’t discovered yet!
Offer a Unique Service
Think of it this way, say you’re at a neighborhood potluck and everybody accidentally brought pork dishes. The best way to stand out at this party is to bring something new to the table. A special dessert or an unforgettable seafood dish will definitely ignite more attention and tickle the guests’ palates- palates that are sick and tired of pork. The same goes for business. Think about how you can offer something new, something that your competitors don’t offer.
Make yourself stand out by offering a unique service. This is a big challenge for builders. In an industry that’s been established for decades upon decades, what will be your X factor?
Creating a Unique Brand
It’s also important to market yourself properly. You have to position yourself in the market in such a way that your customers will be drawn to you. What message do you want to send them? How do you want them to see your company? Who are you to them? How can you touch their hearts in a personal way? Your message should be carefully crafted and then thoroughly implemented in the company. It should be visible in your marketing collaterals (website, brochures, flyers, signage, etc.) as well as in your people too. Your employees, even your contractual ones, should be briefed about your company’s mission, vision, and market position. Send your message by living and breathing it.
We all know that after sealing the deal and getting a contract, our work has officially just begun. If you truly want to dominate the market, you should hit a homerun every single time. No project is too big or too small. Every project matters. Every client matters. Consistently excellent service will give you positive feedback, good word of mouth, and valuable referrals. In an industry where you’re only as good as your last project, it’s essential to always do a
good great job. There’s no room for hit-and-miss, make it a slam-dunk each and every time. Be the expert. Be the go-to guy. This is the key to longevity and market dominance.
It’s not an easy task but if you truly want to succeed, you have to remember this- competition is not what you want. What you want to achieve is market leadership. To become number one. There are countless builders out there. What will make you stand out from the pack?
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