What is Barrier to Entry?
Barrier to entry is when a business is trying to enter a market where there is a significant barrier that is difficult, if not impossible, to overcome. Barrier to entry can be caused by the political climate, supply chain issues, excessive cost, restrictive regulations or it could be due to the existing competition in the industry which is already holding so much of the market share that it is almost impossible to break-in. What can you do to overcome a barrier to entry? Utilize my 4 tips for increasing your relationship influence to help you break through a market’s barrier to entry.
4 Tips To Increase Your Relationship Influence
- Brand Ambassadors. Build up your brand ambassadors, these are your repeat customers that love your brand and they’re sharing it with everyone they know.
- First Customers. You need to pay attention to your first customer which is your employees. Happy employees make happy customers because they are the line that leads to creating a stronger market share.
- Community Partners. As a small business, you might not have the same visibility, resources, or pollical influence that other companies in your community might have. Partnering up with members of the community can increase your business’ visibility, resources and influence.
- Advisory Councils. Getting on the right advisory or right board council is crucial to building your relationship influence. Focus on areas that interest you and support your business.
What can you do to overcome a barrier to entry?
Kedma Ough is a nationally recognized small business funding expert and author of Target Funding, a book that helps you discover a proven system to get the money & resources you need now in order to grow your business.