How to move away from the traditional cycle of competition and outperform your competitors in the field of business?
How to outperform your competitors in business? The business world is a big world full of fluctuations day after day, and some believe that the only way to outperform competitors and sweep them through strong competition with them is through reducing the price and raising the quality only, but competition in itself is in the interest of the economy in general and in the interest of the buyer In particular, the producers are the ones whose competition is in their favor in a small way, so one of the most important strategies is the strategy of “monopolizing value”, whose goal is to benefit the consumer and the producer at the same time, as your business is away from competition in order to move it to a level above competition and there Many methods and tips for implementing the strategy of “monopolizing value” will be learned in this article.
Top tips to outdo competitors in business:
1. Physical isolation:
If we search around us, we will find only one Mona Lisa painting around the world, so the works that are based on creativity, art and the acquisition of old things, are based here on the theory of monopoly or material exclusivity.
We can also apply the strategy of material monopoly on the city of Venice, if we look around, we will not find an analogue of it, and there is no such thing as the city of Venice around the world, which is an example of the theory of monopoly or material exclusivity.
Although this type of monopoly or exclusivity is not widespread, it is considered the best of all if it is found and properly exploited.
2. Technology singularity:
In recent years, with the rise of technology in all fields, there has become a new type of uniqueness, so to speak, known as technological singularity.
If you look around companies such as Microsoft, Apple, Samsung, and other companies, you have succeeded by the continuous development of technology, not just by success in market competition.
If we look at Nokia, which was considered one of the most prominent mobile phone companies in the early 2000s, we find that it exited the market and then was sold to Microsoft, and the reason behind this is its lack of technological exclusivity and not keeping pace with its competitors.
3. Intellectual isolation:
When we look at the author of the “Harry Potter” “Joan Rowling”, which has made more than one billion dollars in profits, in addition to the fact that the Harry Potter series has reached a commercial value of more than 15 billion dollars.
If we search for the reason, we will find that it is intellectual exclusivity, when we look around anything we use, we will find that its beginning was just an idea. Ideas are the golden path towards uniqueness and exclusivity, and perhaps Facebook is the other proof of that.
4. Control and control of the market:
When you have a large share of a market, and you exclusively manufacture your product in this market, and no one is truly competing with you as a result of the high cost in that market, then you have become above the competition and started moving towards a monopoly strategy.
For example, we find the “Boeing” company that largely controls the aircraft industry market, as a result of its unique designs, and as a result, we find that its books are constantly filling for many years ahead, and despite the presence of increasing competition in this market from the company “Airbus” “But it still takes a lot to compete with Boeing.
5. Focus on specializing in one thing:
One of the most important pieces of advice recommended by business experts is to focus on one discipline.
At a time when the retail market in the United States suffers from excessive expansion, most companies have closed many of their branches, while Eddie Bauer Company, on the other hand, is opening new branches, due to the fact that that company focuses on light clothing, Which people tend to buy more often because it is less affected by fluctuations in fashion.
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Business Life Cycle
The business life cycle is the progression of a business and its phases over time, and is most commonly divided into five stages: launch, growth, shake-out, maturity, and decline.