Running a business is easy when you’re on top of the game, and everything you touch turns to gold. There are certainly a few companies like this. Amazon might have struggled initially, but now it seemingly can’t do anything wrong.
The same goes for Apple. Although there have been some dips over the years, revenue has increased virtually every year, from $9 million in 2010 to over $383 billion in 2023.
However, while it’s possible for some businesses to operate on cruise control, the majority struggle. If you own a business, particularly one within the digital space, it’s going to be tough. That’s why you need to know how to continue growing when times are tough. This often requires you to be dynamic and innovative. With this in mind, here are three tips to help you gain an edge in competitive markets.
1. Data-Driven Innovations
Have a look at any major company, and you’ll see how data has inspired innovations. The online gambling industry is extremely competitive, so companies constantly need new ways to engage customers. That’s why it’s a good place to learn about the innovative spirit. For example, casino customers can now play Slingo online at popular sites such as Paddy Power. This game is a product of consumer trends within the gambling industry.
Fundamentally, Slingo is a combination of slot gaming and bingo. Even its name is a portmanteau of the two words. Some of the inspiration for games such as Slingo Da Vinci Diamonds comes from revenue data. As per the UK Gambling Commission’s most recent report, online slots are the most popular game online and generate £3.2 billion in annual revenue. This, combined with the historic popularity of bingo, creates the perfect conditions for a new game. Thus, what you’ve got is a data-driven innovation.
2. Leverage New Technology
Another way to stay ahead of the game is by leveraging new technologies. The artificial intelligence (AI) sector is full of potentially useful products. AI chatbots, such as ChatGPT and Claude, can be integrated into your customer service tools. This can reduce customer support costs and improve response times, something that’s been shown to improve retention rates.
AI software can also help with contention creation and ideation. AI-generated copy might not be suitable for mass consumption, but it’s a good start. Indeed, if you’re stuck for ideas or need help with the phrasing in a press release, AI content creators can help. Then, once you’ve got some copy, get an expert to refine it.
Businesses wanting an edge can also improve their productivity using AI software. Products such as SaneBox can help manage emails, while Motion and Clockwise are great for scheduling. The best way to see AI software is as an assistant. It can’t take complete control, but it can make things easier for you.
3. Value, Value, Value
The final thing that all business owners need to strive for is value. Customers want to feel like they’ve got something of value, and this is particularly important in competitive markets. As noted on IMD.org, a “unique value propositiondifferentiates your skills and offerings from competitors”.
That’s easy to say, but how do you create value? That depends on the industry you’re in. An article from Harvard Business Review asserts that you need to have an “accurate understanding” of what customers want before you can offer them something of value. Apple founder Steve Jobs famously disagreed with this, but it’s a solid foundation to build from.
Analyse as many data points as possible to determine what people want, and it’s easier to create value. The obvious areas to target are customer service, efficiency, and price. However, customer research might throw up something else, so make sure you scrutinise the data. Do this, and you’ll have a much better chance of gaining an edge in competitive markets.