Play to your strengths to build a market
Britain outside the EU has been likened to Singapore in relation to Southeast Asia or Hong Kong in relation to China.
Small businesses too can grow in an environment dominated by big businesses. Just look at how South Korean electronics and automobile companies have grown their market share in a global market dominated by Japanese, European and American corporations. The competition just can’t seem to understand how the South Koreans did it.
Creating New Market Space
There was a time when one family owned just one or maybe two televisions. But now it is virtually each individual in the family having not just one but maybe even several devices to view television content. The creators of video streaming transformed the television and movie industry along with the whole revenue model through mobile streaming. Innovative thinking is the key to creating new market spaces.
In Vancouver, commercial real estate rental space is a major cost factor in running a food business. The solution for some entrepreneurs has been to use food trucks or smaller café space with a take-away counter for street eating. Locations with high foot traffic are the preferred places for such businesses. Going for volume with lower food prices has proven to be a winning formula.
Filling Gaps in Established Markets
Traditionally in supermarkets, customers bought ingredients they had to wash, cut and cook at home or they bought frozen meals for heating.
The consumer demand for easy cooking fresh meals has encouraged supermarkets to stock pre-assembled uncooked meals that only require popping into an oven to cook a fresh meal. No more washing, cutting, mixing to a recipe before the cooking begins.
These pre-assembled uncooked meals have the taste and texture of freshly cooked meals with so much time saved. People want fresh and convenient which is now possible with supermarkets playing the role of kitchen helpers who prepare and assemble the ingredients in disposable cookware.
Another response to the consumer by supermarkets is to establish smaller outlets near residential areas so customers can make more frequent quick trips to pick up meals more than once a week. This innovation in meal offerings has created an opportunity for small businesses who promote home delivery of pre-assembled uncooked local flavour meals.
A catering company in England supplies local pubs with a full menu of semi-cooked traditional English pub meals. The pub only needs one kitchen staff to take the meal out of the refrigerator to complete the cooking that takes minutes. This allows busy pubs to serve traditional meals at an affordable price.
Look for that gap in the market that you can exploit by listening to and analysing feedback from customers. A complaint may actually be a signal of an opportunity waiting to be exploited.
Innovation Leads To Competitiveness
Think outside the box to find space for your products in the market. Keep your mind open to ideas by attending business presentations, reading widely, networking, conducting consumer surveys and seeking consulting advice. All successful business leaders invest in continual life-long learning. This is a sound investment for sustained high growth.
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