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5 Skills You’ll Need To Outgrow Competitors In Business!

August 20, 2019 By Ayesha Ambreen 29 Comments

A business should vanquish an enemy without vying. With the right skills-set, you can thrive in any industry, outgrow competitors, and leave your rivals far behind.

Although when a business constantly fails to outgrow — or at least cope with — its competitors, it may end up losing sales.

However, running a business is no plain sailing. According to SBA (Small Business Association), 20% of new companies fail in their first year, while only 50% survive through their fifth year.

One of the many blunders they make down the road is that they overlook the competitors.

SMB Small Business Association (SBA)

Having competitors is inevitable; you cannot survive while keeping your eyes closed, pretending they do not exist. You have to burst your own bubble and buckle up to develop skills that can help you outperform all others in your industry.

History has it that behind every successful business is a competitor it tries to subdue and without cutthroat competition, no business can grow.

YouTube once was the only video-sharing giant and now we have Vimeo, Dailymotion, Flickr, Twitch, Metacafe, and so on.

Same goes for Facebook; the pioneer of social media is now competing with its own platform – Instagram, Snapchat, Twitter, LinkedIn just to name a few.

The only key to survive is to surpass your business rivals in your industry.

Table of Contents

  • 5 Skills to Outgrow Competitors
    • Surpass The Competitors Through Innovation Skill
    • Act Before Your Competitors To Get First-Mover Advantage
    • Get a Powerful Business Image
    • Focus On Your Unique Selling Points
    • Prosper Your Business with Intelligence Skill
  • Ready to Outgrow Your Competitors?
      • Ayesha Ambreen
      • Latest posts by Ayesha Ambreen (see all)

5 Skills to Outgrow Competitors

Here are the 5 skills that can make you stand ahead of your competitors in business:

  • Surpass The Competitors Through Innovation Skill

The world has had enough of refining already existing solutions; people are more eager about new, more innovative solutions. Many businesses today are relying on innovation to give a tough time to their competitors.

Take Meituan Dianping, the Chinese app maker and one of the 50 most innovative companies of 2019 according to Fast Company’s list.

They have a bundle of apps connecting its users with local businesses offering movie tickets, food delivery, and hotel reservations. The company last year acquired a bike sharing company.

They have evolved to meet consumers’ needs which is why there is a 38% increase in the customer usage of Meituan as compared to the previous year.

Outgrow Competitors by adding products like Google

Google, the search engine giant, has been evolving for almost 20 years. They:

  • acquired YouTube, one of the biggest video sharing platform in 2006
  • constructed a line of Android smartphones (Pixels)
  • launched a variety of products including:
    • Google Drive
    • Images
    • Google+ (gone now)
    • Gmail
    • Google Chrome

They also stepped into the AI industry. All this to get a clear leap over its competitors.

Takeaway: Be friends with innovation and do not be afraid of taking risks. You will always find new entrants disrupting the market. Only being innovative will save your company from being wiped out.

  • Act Before Your Competitors To Get First-Mover Advantage

First-mover advantage is the potential of a company to bring a new product category to market. Doing so can set it ahead of its competitors and, most importantly, allow it to capture large market share.

Uber may not be the first ride-sharing company, as people had carpool lanes long before. But Uber was certainly the largest and most successful one because it had the first-mover advantage.

Reid Hoffman Quote: Outgrow competitors

If you know your targeted market and what works best for you, reach them as soon as possible. Don’t spare a single customer and leave no stone unturned.

Since your competitors have solutions to the same problems your products are fixing, you need to capture the audience before your competitors do.

Even if your product is far better than theirs, you must not risk letting them get ahead first.

Takeaway: Aim for achieving the first-mover advantage. Besides acting before your competitors, you need to have market dominance if you want a potential advantage.

  • Get a Powerful Business Image

Customers won’t believe you until they are sure of your credibility. For that, you need to have a solid brand image. Start with an attractive logo design.

If you don’t have enough budget to hire a dedicated logo designer, there are many AI based logo design tools online allowing the users to get the best logo template.

You should also have a well-designed, user-friendly website and presence on all possible touchpoints. Make sure every aspect of your brand image fully represents your unique selling points.

Outgrow competitors with a logo as powerful as McDonalds Logo

McDonald’s is recognized by its golden arches, which can be easily seen at a place full of distraction. Its logo is so powerful that the burger and fries cravings strike the customers whenever they look at its logo.

The powerful branding of McDonald’s sets it apart from all other food chains.

Takeaway: Make a powerful name in your industry — or at least a reliable one. You want your customers to know they can buy from without being fear of being scammed.

  • Focus On Your Unique Selling Points

What makes your business different from your competitors? Your unique selling points or USPs will give you a competitive advantage over your competitors.

However, the USP is not always unique.

Confused?

Coke vs. Pepsi GIF - Outgrow competitors by differentiating

What differentiates Pepsi from Coca-Cola? They both are popular soft drinks with similar characteristics except for the taste.

Pepsi is sugary in flavor and Coca Cola tastes like raisin vanilla. However, Pepsi is more focused on sports and music while Coca-Cola believes in sharing and creating relationships.

At least, that is what they have had their audience believe.

Takeaway: Your USP matters. It is not about being unique but presenting the brand in a way that makes it look unique.

  • Prosper Your Business with Intelligence Skill

No business can progress if it stays ignorant of its competitors. An intelligent business will look for the shortcomings of its competitors and use them as its own strength.

A SWOT (Strength, Weakness, Opportunity, and Threat) analysis of a company tells so much about its competitiveness.

Apple’s strengths are a strong brand image, greater profit margins, and constantly evolving innovation-led processes.

The high selling price of the product is the downside; however, the brand has given a tough time to all of its competitors.

Takeaway: Using the SWOT process, you can easily identify all strengths and weaknesses of your competitors and devise the right roadmap to leap over others in your market.

These are the five skills to exploit in order to get neck-to-neck with your customers, if not ahead of them. You can incorporate them into your essential business practices.

Ready to Outgrow Your Competitors?

Always remember that healthy competition is beneficial. You should be ready to compete with your competitors without shying away.

The competition will force you to learn many new skills down the road that will make your business stronger and more competitive.

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Ayesha Ambreen

Ayesha Ambreen is a Creative Content Strategist, Top Author on Quora, Featured SlideShare Creative/Author, and DIY Designer (Canva). Best known for her creative visuals and viral content ideas, Ayesha’s work has been featured on blogs such as Entrepreneur.com, LifeHacker, CreativeBloq, Hubspot and more. She holds a degree in telecommunication engineering with extensive experience in writing, outreach, strategic visuals, and search engine marketing. A writer by day and a reader by night, Ayesha loves to explore new realms of creativity and content through her work.
My Twitter profileMy LinkedIn profileMy Instagram profile

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Filed Under: Small Business Advice Tagged With: small business

Comments

  1. shreya says

    November 6, 2020 at 4:20 am

    Thank you for sharing! this is a great blog! will definitely use this for my business from now on, thank you for the great tips, and cant wait to read more blogs!

    Reply
  2. Sathish Arumugam says

    October 28, 2019 at 2:05 am

    USP’s are the real keys to make a brand stand out from the competitions. That promotes itself. Still, with the growing competitions, strategic marketing efforts are essential. your idea are incredible to outrank the rivals.
    Sathish Arumugam would love you to read ..Best Genesis Child Themes: Free & Premium WordPress Themes For Any NicheMy Profile

    Reply
  3. Rubi says

    September 18, 2019 at 12:19 am

    Very helpful and informative article. We have used online marketing to improve our business. Thanks a lot sharing the valuable information for User.

    Reply
  4. John Alphas says

    September 16, 2019 at 4:01 am

    Thanks for sharing this great article. This is nice post to understand Business requirement and compete with others.

    Reply
  5. Rama says

    September 12, 2019 at 4:40 am

    Hi,
    This is nice post for competitors in business article and have seen better way of growing here, Thanks a lot for sharing with us .

    Reply
  6. Raghav Seth says

    September 11, 2019 at 5:53 am

    Hi Ayesha,
    Amazing article! This really gives a lot of positive thoughts and energy to outtake my competition. Please keep writing and inspiring.

    Reply
  7. Richa Bhimani says

    September 11, 2019 at 1:23 am

    Honestly, I really like your article content and thank you for posting and sharing great stuff with all of us.
    Richa Bhimani would love you to read ..Homemade hair serum for silky smooth hairMy Profile

    Reply
  8. Praveen says

    September 8, 2019 at 7:41 am

    Ayesha,

    You have rightly suggested the importance on “Unique Selling Points” . Unfortunately, most of the Business people realise the importance Unique selling points after many years of failures only.
    Praveen would love you to read ..Comment on 25 Most Interesting Computer Facts by biorresonanciaMy Profile

    Reply
  9. himanshu rana says

    September 8, 2019 at 1:24 am

    I loved these tips and I loved the “Innovation” part from the list…..
    himanshu rana would love you to read ..Custom Robots.txt File in Blogger How To Add it Easily and Quickly[2019]My Profile

    Reply
  10. Dharmendra Sharma says

    September 4, 2019 at 1:07 am

    Information provided by you is very useful for all. A sharp-witted entrepreneur is that who keep all the necessary point in his mind.

    Reply
  11. Sharon Terry says

    August 29, 2019 at 11:36 pm

    Hi Ayesha,

    Wow! Good job for bringing this all together and providing relevant, timely information for businesses to thrive in their respective industry. Sometimes, businesses underestimate their competitors and that doesn’t end up well. With the tips you provided, it serves as an eye-opener for business owners out there. It’s time that we pay more attention to outgrowing our competitors, outsmarting them and leading the way. Thanks!

    Reply
  12. Shreya pandey says

    August 29, 2019 at 11:21 pm

    Very simple ways and tactics to implement. I would love to read more such articles.

    Reply
  13. ashish says

    August 27, 2019 at 4:52 am

    Hello Ayesha,

    First of all thank you so much for providing great knowladge. I recently started a new online business related to clothing and this article helps me to understand to beat competitior and also its motivate me. Thanks
    ashish would love you to read ..Good Morning wishesMy Profile

    Reply
  14. Brad says

    August 27, 2019 at 4:28 am

    Innovation is the clue, you must have competitive advantage.

    Thanks for the article Ayesha

    Reply
  15. Mercy says

    August 27, 2019 at 1:54 am

    Hi Ayesha, You have shared tons of valuable information which I was struggling daily to find how to beat competitors your article helps a lot. As you mentioned above Yeah..! I agree through competitors will learn many things and we can improve our skills that’s make the business stronger. I picked up a few new tips from your article which I could implement. Do keep sharing more articles like this. Thanks:-)
    Mercy would love you to read ..Difference between Disallow and NoindexMy Profile

    Reply
  16. Ramkrishna Chakraborty says

    August 26, 2019 at 2:57 am

    Very helpful and informative article. We have used online marketing to improve our business. Now we are trying for better improvement with your advice’s which you mentioned here.
    Waiting for your next post.
    Ramkrishna Chakraborty would love you to read ..Why We Should Go for Eco-Friendly Bags?My Profile

    Reply
  17. Fariss says

    August 24, 2019 at 6:20 pm

    Nice article Ayesha. In business, it is important to know the strategies of your competitors. If a person wants to start blogging or to observe the techniques of SEO and social media marketing, then he can take help from
    https://funnelxmaster.com/bing-bang-profits-review this article or can visit FunnelXMaster.

    Reply
  18. Sharif says

    August 24, 2019 at 4:20 am

    It is not easy to beat competitors, but you have useful tips here!

    Reply
  19. Amit says

    August 23, 2019 at 3:07 pm

    You really have lit a fire under me to surpass every competition that comes in my way. Thanks for all the great tips and I will make sure to act on it.

    Reply
    • Lisa Sicard says

      August 28, 2019 at 6:15 am

      You are most welcome Amit. Which did you like the best?
      Lisa Sicard would love you to read ..It’s Time to Make Your Business Great and Here’s HowMy Profile

      Reply
  20. Jazeem says

    August 23, 2019 at 12:56 am

    Nice article. I would like to add these points,
    Give your BEST to the clients/ customers. Be sincere to them. Never mind about profit for a few months of your startup.
    Jazeem would love you to read ..YOUR APARTMENT, YOUR CHOICE !My Profile

    Reply
  21. Ryan says

    August 22, 2019 at 9:28 pm

    Thanks for the insight. Will take these to heart… It’s definitely hard to catch up to competitors who already have a huge lead on you. But once you get there, don’t let up!
    Ryan would love you to read ..Content SEO Courses that We RecommendMy Profile

    Reply
  22. Elvis Michael says

    August 22, 2019 at 12:12 pm

    I love that quote by the Linkedin co-founder…
    What im doing with my small business is always looking at competitors and finding ways to make my features better than theirs. This can be achieved even in simple ways, such as making something more user-friendly or providing a slight discount.

    Most importantly, dont give up when things get rough (and they WILL get rough).

    Elvis
    Elvis Michael would love you to read ..How to Create a Profitable Email Followup SeriesMy Profile

    Reply
  23. Santanu says

    August 22, 2019 at 11:29 am

    It’s not that easy to beat the competition in business. But this article shared some cool tips and this will definitely help to learn more. It is very important to understand why your competitor is successful first and then try to find out something better to outrank them. Thanks for sharing this awesome guide.
    Santanu would love you to read ..Elegant Themes Review 2019 (20% Discount on Divi Theme + 87 Themes + 5 Plugins)My Profile

    Reply
  24. John H says

    August 21, 2019 at 10:24 pm

    Having competitors is a good thing. It means that your niche is viable. The trick is to nichge down even further and build a brand.
    John H would love you to read ..SqueezeMy Profile

    Reply
  25. niraj says

    August 21, 2019 at 12:40 pm

    Hello Ayesha,
    Online Marketing Is One Of The Biggest Topics People Are Talking About. Everyone Is Trying To Build Their market. But As You Have Mentioned, People Should Focus On Unique Selling Points.
    I Have Never Used SWOT but will be analyzed soon.
    lots of things I have earned from this post, hope in future you will update more helpful Article.
    niraj would love you to read ..An excellent way to check IGNOU result June 2019My Profile

    Reply
  26. tanuj sarva says

    August 21, 2019 at 6:30 am

    Thanks for this great article. You really highlighted some of the key skills that everyone should master.
    tanuj sarva would love you to read ..Strange laws around the world.My Profile

    Reply
  27. Neha says

    August 21, 2019 at 6:06 am

    No words as unique selling points or USPs will give you a competitive advantage over your competitors
    Also, businesses need to engage with an existing customer which is more essential to earn trust from the existing customers to engage in repurchase and stay loyal to the brands.

    Reply
  28. Hafsa says

    August 21, 2019 at 3:56 am

    It makes perfect sense, sounds so simple. And like all things that appear simple, not so easy to do.thank you so much for this info/knowledge.
    Hafsa would love you to read ..Tours of NaranMy Profile

    Reply

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