Creative Business Competition

In this modern day and age, generating value for your customer entails giving them a product that performs beyond standards, a service that can dive deeper than formality, and most of all the ability to find something that fits their wants. There is a new kind of competition present in the entrepreneurial landscape. Today, the battle in the landscape is no longer just about being able to produce what the consumers need. Standard models do not work anymore. A lot of customs have already changed. Household practices have now evolved. Personal preferences are now leaning to a culture entirely different to what we have been accustomed to years ago. Today, the competition lies in the ability to effect fusion between artistry and innovation. In simple terms, the fight is now within the realm of creativity.

With the multitudes of start-up businesses in the Philippines, we can easily see how the young entrepreneurs that own these start-ups reinvent and repackage products that scream “identity.” New shirt brands are now able to showcase patriotism, youth advocacies, and even school spirit through their designs. Computer software and smartphone applications are tinged with creative interfaces that merely serve as icings on top of their capabilities. Coffee shop battles are now beyond beans. Having a unique ambience and store design are now rules, rather than gimmicks for our caffeinated go-to places. Indeed, this is the out-of-the-box era.

Today, creativity has become a self-defining strategy, that is, having a business that is just bland will fail to introduce itself as a viable (and buyable) option for the buyers, no matter what kind of product you are selling, save for commodities like rice. It is just a matter of time when creativity spells do or die for your market.

Here are some tips on how you can catch up with the creative competition:

1. Understand your customers. Successful brands today have one thing in common: They are part of their buyers’ lifestyle. Their products are worn by their buyers in their photos on social media. They form part of the culture of their fanbase. This is because they understand their customers’ “style,” whether it be plain and simple, adventurous, or geeky. Understanding the consumers should not just be for formulating marketing gimmicks. It must be one of the focuses of your business strategy. This means that you should research on the needs, wants, and personal identity (majority age, profession, gender, hobbies, etc.) of your customers.

2. Build your identity and stick with it. We must all go beyond branding ourselves as “business owners,” and assimilate our role as “entrepreneurs.” While they may be both synonymous in some ways, the former speaks about being merely someone who owns a business and who may or may not be hands-on with the operations, while the latter speaks about being an active member of the firm, constantly contributing new things and improving old methods. As “entrepreneurs,” we must give the business that our “business owner” self has created, personality identity, something that sets it apart from the pack but will be the reason why customers will turn their heads to it. If you choose to be a provider of bags for hiking, go all out in taking photos up on the mountain. A vintage kind of shop? Purchase an old phonograph, even if it means buying something that will just be used for decoration. Identity is built with image, style, and most of all, consistency.

3. Update yourself. Trends are popping up everywhere, especially on social media, and some of them are not just simple fads that disappear overnight. Some of them can last for quite a considerable amount of time. Some of them can even exist for years. These include music genres, hip slangs, and terminologies. Some of these trends can even evolve during the course of time. Take a look at the love for vintage things by the young market. This can be attributed to them posting what they call “throwback.” Overtime, the posts became aspirations, and eventually elements that can attract them. The video game industry has recognized them and some firms has stylized their current strategies to offering vintage games to their original consumer base who are now much older than they were back when the games were first introduced in the market. And it is working! You know who else integrated this trend to their strategy? Novelty retailers have done this to amazing effect. I am sure you have seen a few retro posters and memorabilia for sale in random trinket stores.

Updating yourself with the current trends will help you in a lot of ways. For one, you get to find what marketing style best attracts your target market. You get to do our first point, which is to understand your customers. Shared posts can give you hints on the profile of your consumers. Finally, you get to know where the competition might be heading. To do well in this age of creative competition, continuous innovation is the rule.

*Originally published by the Manila Bulletin. Manila Bulletin, C-4, Sunday, March 20, 2016. Written by Ruben Anlacan, Jr. (President, BusinessCoach, Inc.) All rights reserved. May not be reproduced or copied without express written permission of the copyright holders.