Facing crisis by being different from the rest
risk and opportunity. Reading the news these days you could be forgiven for thinking that the current economic crisis is all about risk with its talk of billions spent in bailouts, protectionism and social unrest.
Yet there are still plenty of optimists out there and plenty of companies that are growing and making a profit. And I am constantly coming across them. There is the baker from Yorkshire who found that people had stopped buying his more expensive lines of bread so decided to increase his gluten free range. By developing his expertise in gluten free bread, he is growing his reputation among the increasing number of people who are gluten intolerant.
If you are not able to tap into a new market, then how do you grow your existing customer base? Many entrepreneurs believe that a downturn is a good time to grab market share from your competitors. But how should you go about this?
Certainly one way is to differentiate yourself dramatically from your competitors. Raise your head above the parapet - make yourself visible by doing something different. Let everyone know that you are the real expert in your field - you are the one they should turn to for help.
One of our authors, Andy Osborne, who is an expert in risk management and has written a book on the subject, Practical Business Continuity Management, won a major contract against his competitors because he was a published author in his field.
Another of our authors, James McIntosh, the UK's leading home economist, has recently won the extremely influential Gourmand prize for best UK cookbook in a series with his book mix. and will now go on to compete for the title of Best World Cookbook. Winning this prize, according to James, puts him "on a level playing field with Jamie, Gordon and Nigella."
Putting the right strategies in place to go further than just surviving an economic downturn, but actually getting out there and winning new customers and new markets, requires just two things: getting your expertise out of your head and down onto paper - and more often than not much of it is already written up in some form or another; and the determination to see your business exceed expectations.
Karen Swinden, MD, The HotHive
