If you’ve ever started an online business, then you’ll know that one of the most challenging parts about the whole endeavor is staying competitive. While this doesn’t sound too complicated at first glance, being and staying competitive is actually a little more intricate than you might initially think. And there’s nothing wrong with that, because business life is tough and being self-employed requires diligence, tenacity and lots of time. So, let’s check out a few ingenious ways for you as a business owner to stay ahead of the pack and keep your company thriving.
Blockchain and its Role in Helping Business Stay Competitive
You’ve surely heard of blockchain technology, haven’t you? Put simply, it’s the technology behind cryptocurrency. For online retailers – that would include you if you have an online business, even a small one – blockchain offers an immutable ledger that tracks transactions and keeps your customer’s data safe while simultaneously reducing fraud. This level of transparency can help build consumer trust, which is all a digital business actually has – its reputation.
The benefits of blockchain range greatly depending on what you use it for. Firstly, it enhances security by providing a decentralized currency that inevitably reduces the risk of fraud and data breaches. Secondly, it promotes transparency, meaning that your customers can verify their transactions and hopefully feel a level of trust and connection with your company and its products. Thirdly, blockchain streamlines operations through smart contracts, automating processes and reducing the need for intermediaries, which cuts costs and speeds up transactions, allowing you to focus on what you do best.
Embrace Technology
Another aspect you need to embrace when it comes to technology is online payments. Giving your customers the opportunity to pay for things online comes with a certain amount of responsibility on your end. Here, you could stand out by offering various payment methods, with cryptocurrency being one of the most sought after means. If you offer your clients the option of paying with Bitcoin, they’ll be able to make secure, low-cost financial transactions without bank intermediaries.
Your customers may want to stay anonymous or save on transfer fees, and this is where crypto like Bitcoin stands out. You know what it’s like to want to pay for something and fill out all your details, only to be told that your payment method isn’t supported by this vendor. A sure-fire way to lose possible income. On an ethical note, some may wonder whether trading, E-wallets or crypto are haram under Islamic rules, but they’ll be happy to hear that when handled and traded responsibly, it’s all halal.
Why Numbers Matter
Thanks to the digital age and the advancements in technology, online businesses are finding it easier than ever to actually get into the statistics behind their products and sales, in order to do a solid analysis. And you don’t have to be a data analyst to understand what the numbers are telling you. The beauty of online work is that it’s open to everyone, from stay-at-home moms who are killing it with online food businesses to life coaches keen on helping others improve their well-being.
The internet is filled with information that you can use: you can even find what other businesses are doing with their sales, even if it’s just trying to pinpoint their product’s strengths and weaknesses, trying to identify their market share over yours and the like. These steps form part of a competitive analysis which is something you must do, especially if you are trying to be number one on the food chain. Use these figures to your advantage and learn from your competitors.
Competition and Customers
As important as it is to know your competitors, it is just as important – if not more so – to know and understand your customers. After all, who is going to be the one to buy your products and services? That’s right – your loyal clients. The first step is to understand who your customers are. A common mistake that many companies make is that they focus too much on themselves and their business, as opposed to asking the question “What do our clients need and want?”. There’s no point in spending all your time and money on trying to create the perfect product and having the ideal marketing plan—whether it’s for a new app or an AI music generator—without considering how, why, and when you’re going to focus on your customer.
Step one in this regard is to re-identify your customer base and your target audience. If you are an established business, you have probably done this before, right when you started but you need to do it again. Your business and brand have likely changed over the years, as have your customers. There’s absolutely no shame in reevaluating and taking a different road – hopefully one less traveled, making your company unique. Look at your existing customer base, identify what you think motivates them to purchase from you, see what your most-sold products are and try to understand why.
To stay ahead of your competition in the long run, try to put yourself in your customers’ shoes and go through the entire process with that perspective: from typing in search words to finding what you want, to selecting a site among thousands, all the way to making the final purchase. When you can step out of the owner role and rather become the buyer, even if just for an hour, then you’ll get some incredible insights that will help you be the best version of yourself and your business.
