Interim Manager Tips on How to Beat the Competition
How to beat the competition is a matter on every business owner & CEO’s mind. Follow these interim manager tips to stay 2 steps ahead of competitors.
There are more ways than one to beat the competition. But the most effective is where your primary focus is on your competitive advantage by creating a great product or service, without paying attention to what your competitors may or may not be doing.
Have a competitive advantage
Every business, product or brand has something that differentiates it from its competitors. A unique selling point that draws customers to buy your product over others. Whether it’s a lower cost, higher quality, or better features, offer something that is obviously better than the competition.
Your competitive advantage needs to be tied in with your strategy. By providing better advantages than what the market offers, you inherently make your product or service more desirable. Make your uniqueness your north star and focus on making something great that exemplifies that unique quality.
Don’t make the competition your priority
“First-time founders think they are what kill 99% of startups. But 99% of startups die from suicide, not murder,” says Sam Altman, CEO of OpenAI.
Create your rhythm. Avoid mimicking what your competition is doing or basing your strategy around them. If you stick to making your product or company something great a priority, customers will come to you.
You might hear rumors and buzz in the press that suggest your competition is coming up with something big. Tune out the noise and only pay attention to them when they launch an actual product, service or deal. The immortal words of Henry Ford say it best: “The competitor to be feared is one who never bothers about you at all, but goes on making his own business better all the time.”