Follow these steps and your company will have a very strong advantage.
Capture your market fast
Create a large market share quickly so competitors will find it difficult to get customers. This works especially well when your product or service has network effects. However, it is not quite so easy to achieve as it sounds!
Create a brand
Brand loyalty and reputation will help customers stick with you rather than switch to a competitor. The iPhone is a classic example. There are more functional phones on the market but customers buy iPhones because of the Apple brand, image and reputation.
Register patents, trademarks or Intellectual property protection
All these things can be protection for your business, but only if you have the money to defend them in court. The other disadvantage of patents is that you have to spell out the details of your invention which are then accessible to everyone.
Have a trade secret
If you create a product, you can keep the ingredients (or some of them) secret. Think 11 secret herbs and spices or Coca Cola. You can do the same thing with business processes. Sometimes this is a better way to go than patents.
Create exclusivity with suppliers
Having an exclusive license to sell your suppliers product means that no one else can directly compete with you.
No comments:
Post a Comment