Opinions expressed by Entrepreneur contributors are their very own.
In today’s competitive business landscape, there appears to be a ready-made solution for all the pieces. While off-the-shelf technology can provide practicality and convenience, using these tools exclusively often leads to a services or products that’s underwhelming.
Staying ahead of the competition is about greater than just adopting the newest tech tools – it’s concerning the ability to adapt quickly and create offerings that actually meet your customers’ evolving needs. Companies that break free from the constraints of one-size-fits-all solutions are people who embrace innovation and develop unique products and experiences that set them aside from the remaining, regardless of what industry they operate in.
Related: The Secrets to Harnessing Innovation and Growing Your Business
Stand out and make your mark
The pace of technological change could be overwhelming. For firms, the challenge is just not only to maintain up, but in addition to remain ahead. In any industry, successful firms are people who can pivot quickly, introduce recent tools and adapt their processes to changing trends.
As President and CEO of 1031 crowdfundingI saw a possibility to interrupt away from the standard real estate investment platforms and develop something unique for us. Like the very best innovations, our platform was born out of necessity. There are many stories of shoppers being misled, misinformed or deceived by other firms. Our proprietary online platform was built with transparency in mind.
We have developed a backend system that is well customizable, allowing us to introduce recent features or make adjustments in response to real-time feedback and changing investor needs. Our goal has all the time been to supply our investors with the very best possible experience while remaining compliant with industry regulations. For firms that prioritize customer satisfaction, quickly adapting to their very own unique technology is usually a key differentiator for successful customer relationships. This can apply to entrepreneurs in any industry as they develop products or tools for patrons or investors.
This platform is not only a rebranded version of what everyone else within the industry is using. It is totally in-house, which provides us complete control over its features and makes it difficult for competitors to simply reproduce. These features give us a direct line to our customers and enable us to supply services that stand out available in the market.
Benefits of adaptability
Maintaining control and suppleness over your organization’s technological operations is a large competitive advantage. While other firms depend on third parties for updates, bug fixes, and recent features, we will move at our own pace. In an industry like real estate, where regulations and market conditions can change quickly, the flexibility to adapt is critical. Our back-end technology is evolving as quickly as we’re.
Related: 4 Ways to Adapt Your Business as Your Industry Evolves
Imitation is just not a method for fulfillment
As an entrepreneur, I often see white label solutions. Many firms imitate other people’s web sites and services. If it ain’t broke, why trouble fixing it, right? The problem is: If you offer what everyone else offers, why should customers select you? You cannot expect to outdo the competition for those who’re all wearing the identical shoes.
Off-the-shelf technology looks like the simple selection. It’s ready, tested and customarily available. Depending on your enterprise and industry, this may very well be the appropriate selection for you. However, this approach can have significant drawbacks, particularly in relation to differentiation and innovation.
The most evident problem is compliance. Many firms fail to properly utilize the creative and mental talents of their team and find yourself using the identical platform as their competitors as a substitute of their very own product development, leading to little differentiation beyond branding. The result? A marketplace stuffed with firms offering essentially the identical services or products with few differentiating features.
Another problem is dependency. Companies that depend on widely used technology solutions often find themselves limited by third-party functionality and update cycles. If your organization relies on one other company’s technology they usually suddenly shut down, what does that mean for you? While sticking to a provider’s schedule is enough for some, it might probably hinder growth and innovation for firms that need to stay ahead of their competitors, no matter industry.
Related: There isn’t any one-size-fits-all solution: Customer focus is the important thing to differentiating your enterprise
Insights for entrepreneurs
For entrepreneurs and business owners, developing a singular, in-house product is usually a daunting task that requires a big investment of time, money, and resources. But essentially the most successful firms are people who actively hearken to their customers. By understanding and providing the features your customers want, you not only encourage loyalty but in addition encourage word of mouth, which might drive growth. In today’s competitive market, providing what customers really want is usually the difference between being ahead or falling behind.
Innovation isn’t only a profit – it’s a necessity. As industries evolve, firms that hearken to customer feedback and quickly adapt to their needs can maintain a long-lasting competitive advantage.
