Tips from Kevin Woodbridge

Emerging from Competitive Clutter: Tips from Kevin Woodbridge

These days, coming up with a product that hasn’t been offered as yet is next to impossible. You can’t possibly be the only candy store in your area. “Unless you’re located in a remote area,” says business expert Kevin Woodbridge, “you don’t have full monopoly of the market. And even then, it’s not an assurance that your products will sell. For all you know, people can just look for a better alternative to whatever you have to offer.” Surviving the competitive clutter, for small and upcoming companies is going to be quite a challenge as similar products from more established companies have already been tapping into the congested market long before the new ones have even decided to venture into the industry.

Standing out

“Gaining a competitive advantage is the key to ensuring consumer support for any product or service,” explains Kevin Woodbridge. “You will want to define how your product differs from all other similar brands in the market.” A company is always faced with the dilemma of how to highlight its products and services to make them seem of higher value. Marketing and advertising both play a huge part in bringing a product into the public’s attention. But this, as they say, is just the tip of the iceberg. There are still other strategies used to gain and maintain a competitive advantage especially for upcoming businesses. Kevin Woodbridge goes on to explain that while there are no tried-and-tested strategies that are bound to work for all industries, SMEs will benefit from the professional expertise of companies that are geared towards helping clients create a niche in the market. International Business Development, for instance, is a business development firm that specializes in helping client companies through the intricacies of expansion through market research, investment management and such.

Strategies

According to Kevin Woodbridge, there are two generic strategies that most companies utilize to gain a competitive advantage.

• Differentiation – from a list of criteria that consumers use to decide on whether or not to buy a specific product, a company will choose one and play it up to its product’s advantage. You need to identify what makes your product stand out. For upcoming businesses, this can be a bit difficult so if you can’t seem to find a key selling point, just create one. From there, work on developing your business and your product to meet that particular criterion. This will give potential consumers a clear view of how your product is much better than less differentiated competitors.
• Cost Leadership – “Everyone loves a good bargain,” says Kevin Woodbridge. If you present a product that offers a lot but at a relatively more affordable price, you’re bound to attract more consumers. Take care not to sacrifice quality however as this will maintain your consumer support.

Most important of all is that you should always monitor your competitors. Make it a point to check on how they are faring in the market and identify their strong points as well as their weaknesses. This will help you determine the niche market that will need your products and services.