The very first thing a start up does before flourishing in the marketplace is, develop a market plan! The market plan comprises of many factors, however, the most important is competitive advantage. So, what is a competitive advantage? It is basically anything that sets your business apart from another. Any firm requires a competitive advantage to make its presence felt in the business marketplace. Only then, can you differentiate your start up from other existing firms!
The significance of competitive advantage!
The start up world has been evolving with each passing day! The competition is getting intense like never before. So, how do you create superiority when compared to your rivals in the business market? Develop a brand recognition that a company either delivers quality products at a lower cost than the competitors or, offers various services at a greater value when compared to the competitors! Ensure that your products or services are better and best in terms of quality! This could create popularity among the consumers and they would spread a word which in turns makes your brand recognizable. Consumers could recognize your brand easily and prefer choosing you over others! When you establish an effective brand name, customer base becomes extremely powerful resulting, in customer loyalty. Isn’t that pretty much any firm would love to have? Having your customer come back to you over and over! Apart from this, when you establish an effective competitive advantage, you could develop the reputation of offering the best service or support in the industry which allows your company to charge more for your offering! This makes your investments in the firm all worth it, right?
Listed below are the parameters that you should consider while developing a competitive advantage for your start up!
- Quality of the product/service
For example, the famous fast food chain McDonald’s competitive advantage relies on a cost leadership strategy! Likewise, the technology giant Apple, is quite famous for its innovative products! This is how you differentiate your company from others! You discover and develop a unique strategy for your firm! However, at the end of the day, it is exceptionally important to keep a track of your firm’s growth in the marketplace! Find out what is working and what is not! With time, if something doesn’t click then work on it along with your marketing team and implement the change!
So, if you develop a great competitive advantage in the market, you could survive in the long run and become a market leader! A competitive advantage could make you or break you! In today’s competitive world, standing out from the crowd is essential! The best strategy for your company is to focus on improving the quality of your product or service so that it is universally recognized as being superior to anything else available! So, choose the path wisely in order to create a better competitive advantage for your start up!
Ways Facebook Messenger Is More Than Just A Texting App
Social media giant Facebook’s messaging app, Facebook Messenger, is being so widely used, it is quickly becoming as popular as Facebook itself. While the app may have started off as a stand alone messaging service, the Facebook team clearly has a lot more plans for the app. Apart from texting and video calling people, here are some cool things the messaging service does!
1. Create stories
While Facebook, Instagram and Snapchat requires you to create stories directly through the app, Facebook Messenger lets you create stories through the messenger service. Available for 24 hours, you can change your settings to let more than just one person view the story! Try this now, if you haven’t already.
2. Use augmented reality to shop
If you can’t find enough places to shop at or if you are too lazy to switch through apps while shopping, then worry no more. Facebook Messenger is now using Augmented Reality to help you shop better and faster. To make things better, you can take pictures of what you want (like a sneaker or lipstick) and see how they look on you before you place the order. In fact, brands like Nike and Sephora are already on board, making shopping an extremely easy task!
3. Encrypted chats
Did you know WhatsApp is not the only messaging service which provides encrypted chats? Facebook Messenger also has a service now which lets you have encrypted chats which cannot be decoded, come what may. All you have to do is to click on the “Secret” tab located on the top right corner. To make sure your chats are safe and record free, set a time period for when you want the messages to disappear . Using the end to end encryption service, Facebook Messenger makes sure even your government cannot read or track your chats!
4. Use it as a money transfer system
If you do not want to use apps like PayPal and PayTm to send or receive money, then it is time to move over to Facebook Messenger. All you have to do is go to the settings and connect your credit card with the app. To transfer money, tap on the name of the person to whom you want to send the money and just hit the bottom left button. Life made easy or what?
5. Unsend messages
One of Facebook Messenger’s latest features, the unsend message button, is now here! The unsend feature lets you delete messages within ten minutes of sending them. Unfortunately, Facebook Messenger isn’t at the point where it can hide the fact that you deleted a message. Just like with WhatsApp, the other person will get a notification saying you have deleted the message. Let’s admit it. We all wanted this feature and now that it is here, you can’t stop using it.
If you haven’t tried these features yet, the time to do it is now!
P.S., if you know other features of which we do not, comment and let us know!
Different Types Of Management Styles And How They Work
Like everything else in life, leadership styles are learnt and honed through different stages of work. Every leader has developed, through the years, a certain style of management and leadership, which sets them apart. No matter how successful you are as a manager, here are a few different types of management styles every great leader follows without realising:
1. The Autocratic Leader
The most common type of leader, Autocratic leaders are those who make decisions without input from people around them. If the decision made is the right one, the response is positive. However, this rarely is the case and most decisions taken without consultations are perceived negatively. While not useful for most work environment, this style comes into play when firm decisions need to be made.
2. The Consultative Leader
Unlike the Autocratic leader, Consultative leaders make decisions after consulting with those around. One of the primary advantages of this type of leadership is that it instills loyalty in the employees. Not only does the leader confer with those important, it helps in improving the focus of the business. However, while this type of leadership does have its fair advantages, the negatives lie in the fact it results in employees becoming more dependent on the leader. Furthermore, those who feel left out of the consultation process end up leaving when not consulted.
Unlike the Autocratic and the Consultative type of leadership, Persuasive leaders work as a combination of the two other forms. Despite consulting the employees, this type of leader convinces the people on his or her team about why the said decision needs to be made. The primary drawback to this type of leadership is that employees tend to feel alienated because of their leaders focus more on persuading rather than actually taking feedback. Like the Autocratic leadership style, this method should also be used quite sparingly.
Just like its name, the Democratic style of leadership is that which has a combined decision making effort between the leader and the team. This essentially means while the leader does take a final call on what’s happening, a voting system is followed. From the manager to the employees, everyone is involved in taking a call on what’s going to be done, thereby letting people realise they have a say in what’s going on in the company. While this style does work when it comes to taking major decisions, it does have a drawback because of the amount of time which goes on in the voting process.
5. Laissez Faire
The Laissez Faire type of leadership is the exact opposite of an Autocratic style of leadership. With this style, employees have the complete authority to take the decisions they see fit and the management is seen more of a mentor than a leader. One of the most preferred styles of leadership, this one helps in streamlining work and maintaining an environment free of hostility, at the workplace.
Every leadership style has it own advantages and disadvantages. What style would you choose? Comment and let us know!
How To Streamline Your Work Through Crisis Management
In the very basic sense of the term, crisis management is defined as the process by which a company handles a stressful work situation. In order to streamline your everyday working process and to reduce the amount of pressure on your crisis management team, here are a few tips you could follow!
1. Have a plan
While the steps to solve every problem may not be the same, the principle around the solution follows similar guidelines. In order to be on top of at least the basic steps, it is important to always have a plan in hand. The moment you have the basic outline ready, filling in the details isn’t that hard. Remember when you were a kid and you were taught to colour only on the outside and then start inside? This plan works really well for your solving critical situations as well!
2. Let your employees know about the situation
Sometimes, when you are neck deep in problems, it is important to keep the door open to as much help as you can get. Let your employees know what’s happening and keep them informed about the seriousness of the issue. There are two advantages to this. Not only are you being open and clear as a manager, you are also letting in new ideas about how to solve the problem. Talk about a win win situation!
3. Communicate the action which needs to be taken
In extremely critical situations, it is important for you, as a leader, to take complete charge. This is not really a plan but an important step in the process of solving the problem. Give direct orders to those who can get things done and make sure you delegate as much as possible. Avoid leaving things open ended and have your pointers mentioned directly.
4. Create a crisis management team
One of the best ways to deal with a crisis situation head on is by creating a crisis management team. With senior executives, business leads and your public relations team, your crisis management team should include every member who is equipped with the skills to solve a problem from the very word go. Once you get your team in place, you can start working on delegating and then turn your attention to more pressing matters.
5. Be accessible
When in a situation which needs your attention completely, it is important to let your employees know you are available no matter what. Sometimes, even though you have given direct orders, people are faced with sudden questions and it is your job to get everything clarified. Have all your documents open and accessible so people know, even at times like this, you care most about honesty.
Solving a crisis takes time and effort. It takes a lot of dedication and hard work and when you have all your employees together, you know you’ll come out bright and shining. If you think we missed out on any other ways to solve a critical situation, comment and let us know!
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