The number of women-owned businesses in the United States grew 80% between 1997 and 2007. That’s a whopping increase of 1.2 million companies—and it means strong competition for you.
If you’re looking to make your business stand out from the crowd, check out these tried-and-true tips.
Tip 1: Know thy customers.
“You have to know who your target market is before you can market to them effectively,” says Wendy Weiss, founder of marketing communications firm WOW Enterprises Inc., which specializes in working with female entrepreneurs. And that includes finding out what sets them apart from other groups that might look like good prospects at first glance.
“Many times, we assume that all women are the same,” Weiss says. “But when you drill down and start to look at different niches within the female market, you can find some very different needs and wants.”
For example, do your research and you may find that young professional women have different needs than stay-at-home moms or retirees. Once you know your target market’s unique characteristics, you can craft marketing messages that appeal directly to them.
Tip 2: Be authentic.
In a world where anyone can start a business with little more than an idea and a website, standing out from the competition takes more than just a clever slogan or flashy ad campaign. It also requires authenticity—showing your customers who you really are and what you stand for.
That’s something that resonates with women entrepreneurs, according to Weiss. “Women want to do business with people they trust, and they’re more likely to trust a company that is authentic,” she says.
So how do you go about being authentic? It starts with being true to your brand identity and mission statement. From there, be transparent in your marketing and communications, and make sure all of your employees (not just the CEO) embody your company’s values.
Tip 3: Get involved in your community.
Another way to build trust and connect with potential customers is to get involved in your local community. Women entrepreneurs often find this a natural fit, thanks to their tendency to be networkers and connectors.
“There’s a lot of power in giving back,” Weiss says. “When you support your local community, you’re also building relationships and connections that can help your business.”
There are lots of ways to get involved, from sponsoring a charity event to participating in a local trade organization. But the key is to find activities that align with your company’s values and interests.
Growing your business in a competitive market can be tough, but using these tips will help you stand out from the crowd. So get started today and watch your business thrive!
Now that you understand the basics of how to grow your business in a fiercely competitive market, it’s time to put those principles into action.
Here are a few final tips to help you succeed
1. Stay focused on your goals.
In a competitive market, it can be easy to get sidetracked by all the noise surrounding you. For this reason, it’s important that you stay focused on where your company is headed and don’t let outside forces distract you from your long-term goals.
2. Don’t be afraid to make a change.
As a business owner, you may often find yourself reluctant to make changes to established strategies or processes for fear of disrupting growth. However, trying new things won’t always result in failure – sometimes even seemingly risky moves can pay off big time. In fact, businesses only really fail as a result of not making enough forward progress—if you aren’t adapting and overcoming challenges as they arise, then your company could be slowly dying on the vine rather thriving as it should be.
3. Stay ahead of the curve.
In order to stay competitive, it’s important that you keep tabs on industry trends and developments. This way, you can make sure that your products and services are up to date and in line with what consumers are looking for.
4. Be relentless in your pursuit of success.
Finally, remember that success doesn’t come easy – it requires hard work, dedication, and a lot of tenacity. So if you truly want to grow your business in a fiercely competitive market, then you need to be prepared to put in the extra effort required to achieve your goals.
When it comes down to it, succeeding a competitive market boils down to three things: staying focused, being flexible, and staying ahead of the curve. If you can master these skills, then you’ll be well on your way to long-term success.
At the end of the day, succeeding in a competitive market comes down to three things: staying focused, being flexible, and staying ahead of the curve. Saivian point out that if you can master these skills, then you’ll be well on your way to long-term success. Use these tips to help guide you on your journey to business growth.