- Banned
- #5
The key to success in a saturated market, according to Sharp, is change. “Change is a synonym for opportunity. If you don't know what's changing—with your customers, competitors, distribution channels, alternative uses, features and more, your customers will buy from those who do,” she says. And that’s precisely where new businesses have an edge.
“New companies often recognize the gaps that established businesses don't. If they're correct, they gain customers and grow,” Sharp says. “The challenge is not to become like the established businesses who think they know better than the customer. This applies to B2C, B2B and nonprofits.” Larger companies that have been in business for decades are sometimes set in their standards, and it’s more complicated to modify long-standing practices. Small businesses with less rigidity and a smaller organizational hierarchy can often make quick decisions and turn on a dime.
“New companies often recognize the gaps that established businesses don't. If they're correct, they gain customers and grow,” Sharp says. “The challenge is not to become like the established businesses who think they know better than the customer. This applies to B2C, B2B and nonprofits.” Larger companies that have been in business for decades are sometimes set in their standards, and it’s more complicated to modify long-standing practices. Small businesses with less rigidity and a smaller organizational hierarchy can often make quick decisions and turn on a dime.