Have you ever thought about it like this: if an advantage is supposed to be something that gives you an edge over others in a similar situation, then the tech industry is practically a boxing arena of both small and medium-sized businesses all fighting to win that edge.
You may wonder; if everyone in a line of business is doing almost the same thing, why do people still venture into that same saturated line of business anyway? This is where having a competitive advantage comes into play.
For companies, developing a competitive advantage isn’t just about having a strategy, it’s about having a unique strategy. A unique strategy is sustainable, and difficult for competitors to copy because it is what sets your business apart e.g. a unique offering or privilege. Ironically, technology itself can be a powerful competitive advantage. It offers businesses access to new strategies, automation, and digital tools that can drastically improve their efficiency and productivity. However, simply using technology isn’t enough; rather knowing how to leverage it effectively as an advantage is where the work is.
THE IMPORTANCE OF HAVING A COMPETITIVE ADVANTAGE IN TECH
The tech industry is, in one word, ruthless. One day you’re leading, the next day you’re being led by another company. Having a competitive advantage is important if you want to build a business that doesn’t just survive a particular season but thrives continually through changing seasons.
STRATEGIES THAT CAN HELP YOU DEVELOP A COMPETITIVE EDGE IN TECH
It starts with implementing any of these strategies to give yourself that edge:
1. Continuous innovation:
If you’re doing the same thing, year in and year out, you are already in trouble. The best way to carve out an advantage for your business is to keep finding new ways to offer something your audience cannot resist. This might be in exclusivity of features, or a superior user experience. A very good case study is phones. Without being brand-specific, most phones come in newer versions, with each new version having an update that automatically makes customers want to upgrade. Some phone brands even sell the idea of luxury and privilege and succeed while they are at it!
2. Get creative and be open to risks:
Give room for creative freedom in your company. Welcome creative ideas from your team. Some of the biggest breakthroughs in tech have come from sheer guts to take risks and infuse creativity.
3. Identify your unique differentiator:
What makes your offering different? How can you keep at it and get better without compromising its quality and appeal?
4. Get involved and informed about trends:
The tech landscape is progressing speedily. Just like stock traders monitor the markets, if you’re not actively monitoring trends, you’ll find yourself obsolete before you know it. Adopting technologies like AI early can give you an edge over other businesses that delay before
NOBODY IS NEW TO TECHNOLOGY: WHERE THE REAL EDGE LIES
Let’s be real; nobody is new to technology anymore. Even the most traditional businesses have been forced to integrate some level of digital transformation in their operations such as the use of mobile terminals for card payments, or an active social media presence. The difference in this general exposure to technology and how it gives an edge lies in how it is used to gain an advantage. Simply having a website or a social media presence is not enough. The real edge lies in digital marketing and proper business advisory efforts, including financial management.
HOW TO SEEK FUNDS FOR GROWTH
Yes, we know that these two may cost a lot, especially for small businesses. Also digital marketing and business advisory may take time before they yield results for your business. Here are some ways tech businesses can secure financial backing to fuel their competitive advantage through business advisory and digital marketing:
1. Venture Capital and Angel Investors
Be prepared to pitch your idea compellingly, showcasing its scalability, your unique advantage, and how you plan to dominate the market.
2. Crowdfunding
Look out for platforms that can help you. If your idea is innovative and resonates well with the public, crowdfunding can be a great way to validate demand while securing funds.
3. Government Grants and Competitions
Many governments and private organizations offer grants and startup competitions to support tech innovation. Keep an eye out!
4. Bootstrapping
Sometimes, some successful tech startups begin by using personal savings and revenue reinvestment to scale without outside funding. Although this approach takes longer, it allows founders to maintain full control over their company without having to consider partnerships.
5. Partnerships
Never think partnerships are a bad idea because they bring both financial support and credibility to your business. Large companies often invest in promising startups or offer alliances that give you access to certain resources, and gain market exposure.
In conclusion, whether it is through digital marketing and business or financial consultation, innovation, research, superior customer experiences, or leveraging technology, businesses that differentiate themselves will always have an edge.
At Biz Vital Signs, we are fully committed to giving small and medium-sized businesses their edge even in the most competitive places. The tech world waits for no one, so we make sure you’re always a step ahead.
Ready to take your business to the next level and find your edge? Schedule a demo with us now.
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