To create a successful business it is important to stay ahead of the competition. So much ahead, that they are not able to catch up to outrun you. If that happens, you will have a lot of competition in the market where everyone is competing with the same features to acquire customers or sell. The chances of differentiating yourself will become limited. Your competitors will start to reduce the cost to fight and you’re also forced to give up on your margins. Result? No profits for no one even if you sell a lot.
Here’s how to stay ahead of the competition
So, it is important that you stay more than one step ahead of your current or potential competitors. At least 10 steps ahead of where it becomes difficult for others to replicate what you’re doing. Take Google for example. They provide much better results than its competitors’ Bing or Yahoo! due to their advanced algorithms. It will be very difficult for anyone to catch up with what Google is doing today. But not just in terms of the great algorithm. Google also has a huge userbase. Think about replicating that anytime soon.
So, the conclusion is, be 10 steps ahead of your competitors in any way possible. That will help your company or products become successful and stay sustainable.