al-Dai al-Ajal Syedna Aali Qadr Mufaddal Saifuddin TUS states: “This is a very competitive age (of commerce). Do not attempt to bring down your competitors; if someone prospers in his or her trade, be happy for them.”
In today’s fast-paced business world, it is not enough to simply compete against established players. To truly succeed, you need to enhance the market sustainably and bring something new to the table. This is a lesson that many successful entrepreneurs, including Elon Musk and Jeff Bezos, have learned over the years. Here are some key strategies for sustainable market enhancement and competing against the big players.
- Identify a need and fulfil it better than anyone else
One of the best ways to enhance an established market sustainably is to identify a need that the incumbents are not fulfilling and offer a better solution than anyone else.
Let’s say you are a coffee enthusiast who frequently visits a local coffee shop. However, every time you go there, you notice that the line is always long, the service is slow, and the coffee quality is often inconsistent. These are needs that you and other customers are experiencing, and they could potentially be opportunities in the coffee industry. You decide to enhance the established coffee market by opening up your own coffee shop with a focus on fulfilling these needs better than anyone else. You start by offering an online ordering system to reduce wait times, hiring skilled baristas who can consistently make high-quality coffee, and offering a loyalty program to incentivize repeat customers.
As a result, your coffee shop gains a reputation for providing excellent service, high-quality coffee, and a convenient ordering process. Customers start flocking to your shop. Your innovative approach to fulfilling the needs of slow service, inconsistent coffee, and long wait times has enhanced the established coffee market in your area sustainably.
- Focus on innovation and differentiation
Another key strategy for enhancing established markets sustainably is to focus on innovation and differentiation. This means bringing something new and unique to the market that the incumbents are not offering.
Let’s say you’re a company that produces traditional light bulbs. However, you notice that the market is becoming saturated with many similar products, and customers are starting to shift towards more energy-efficient alternatives like LED light bulbs. To enhance the established market sustainably, you decide to focus on innovation and differentiation. You start by investing in research and development to create a new type of light bulb that is even more energy-efficient than LED bulbs. You also differentiate your product by offering additional features that competitors don’t have, such as adjustable brightness, colour temperature control, and the ability to be controlled through a smartphone app.
As a result, your innovative and differentiated light bulbs gain popularity among environmentally-conscious customers who want the latest technology and additional features. Your product becomes the go-to choice for those who are willing to pay a premium for a superior product. Your sustainable approach to focusing on innovation and differentiation has allowed you to carve out a unique niche in the market, and you have successfully enhanced the established market dominated by traditional light bulbs and LED bulbs.
- Build a strong brand and customer base
To enhance an established market sustainably, you need to build a strong brand and customer base. This means investing in marketing and creating a brand that resonates with customers. Let’s say you’re a small company that makes organic, homemade soaps. You’ve noticed that the market for soap products is dominated by large, established brands with big advertising budgets.
To enhance the established market sustainably, you focus on building a strong brand and customer base. You start by creating a unique brand identity that sets you apart from competitors. You use eco-friendly packaging, and you emphasise the use of positive and sustainable change. It’s important to note that disruption does not have to come at the expense of others or the environment. Instead of focusing solely on disrupting established markets, entrepreneurs should also prioritise sustainability and enhancement.
For example, instead of creating a new product that creates excess waste, entrepreneurs can focus on creating products that are eco-friendly and sustainable. They can use materials that are biodegradable or can be recycled and implement processes that minimise waste.
Entrepreneurs can also look for ways to enhance existing products or services to make them more sustainable. This can include using renewable energy sources, reducing water usage, or implementing a circular economy model that encourages the reuse of materials.
In addition, entrepreneurs can work towards creating positive social impact by prioritizing fair labor practices, supporting local communities, and promoting diversity and inclusion.
By prioritizing sustainability and enhancement, entrepreneurs can disrupt established markets in a positive way that benefits both the environment and society.
In conclusion, disrupting established markets can lead to innovation and growth, but it’s important to do so in a way that prioritizes sustainability, enhancement, and positive social impact. Entrepreneurs should focus on identifying pain points, innovating and differentiating their products, building a strong brand and customer base, and being agile and adaptable. At the same time, they should work towards creating positive and sustainable change for the benefit of all.
Idaarah al-Tijaarat al-Raabehah’s advisory lets experts take online sessions with businessmen to help them derive solutions for their business problems. Whether you’re starting a new business or looking to grow an existing one, these experts can help you succeed in today’s competitive business landscape.