Competition has always been a part of doing business. It exists between two or more companies providing similar products and services. Regardless of its form competition benefits consumers in a competitive market by keeping prices down, improving quality, and increasing variety.
Some options include.
1. Outshining competition with exceptional customer service and leadership.
2. Differentiating your services, products, and brand makes them more memorable.
3. Finding a way to attract customers who are loyal to competitors.
4. Receding prices temporarily so you can capture some of their business.
Competition exists in every market. There is competition in your industry and in your niche. The best companies apply strategies to nullify effect of competition; it’s essential to focus on increasing market share and controlling market place.
You cannot do this if you’re looking over your shoulder at what everyone else is doing or worrying about what they think.
What if you could beat your competition without spending a ton on marketing? And without lowering your prices or giving away products or services for free. You can! In fact, it’s pretty easy once you know how to do it. This blog will go through five ways to adapt to the competition.
Start competitive pricing.
Customers want to pay less for anything and everything. They want to spend as little as possible on a product or service, even if it is inferior. Often, customers can find a cheaper product or service that fits within their budget. If you fail to offer competitive pricing, you will lose sales to the competition, who may have same offerings at a lower price point.
Offer excellent customer service.
Excellent customer service is life of any business. You can provide promotions and slash prices to bring in as many new customers as you want. Still unless you can get some of those customers to come back, your business won’t be profitable for long.
If you’re entirely new to customer service think about kind of service you enjoy getting. For example are you someone who values speed and efficiency? If so create a goal to deliver your product or service as quickly as possible. Similarly with enthusiasm, if you pride yourself on always being friendly and enthusiastic make sure your customers receive same.
Don’t forget your existing customers.
Happy customers definitely buy more from you but they also tell their friends and family about great experience they’ve had with your company. The value of satisfied customers increases over time as new ones join them. It is also very costly to replace bad/unreliable suppliers.
Retaining customers is about so much more than providing best price. It requires developing a relationship with them and making sure that you meet their needs time after time. The most vital thing is to know what those needs are and to explain how you can meet them. Then if they like doing business with you they’re likely to continue doing so.
Focus on new markets.
Businesses are often able to grow by selling into new markets. One company may be satisfied with its performance in its domestic market but find that there are other countries where a similar product is needed. For example you could:
- Target customers from different age groups.
- Target customers from neighboring towns or villages.
- Use direct marketing tools such as catalogs, phone sales and door-to-door sales.
- Develop communities linked to your business through social media.
Upgrade brand image.
Most business owners mistake not paying enough attention to their brand image. When you’re running a busy business, it’s easy to ignore some things like need to update your online profiles. Make sure your logo is in a high enough resolution for print materials.
Your brand image is how your audience perceives you. Your logo, typeface, font, color palette, etc. You can create an image that’s highly recognizable and unique to your business or product.
Your business card is first thing a new customer will see. So make sure it reflects your aim professionally and attractively. If you print promotional materials like flyers or posters, make sure they have a cohesive theme.
check out this 7 Scientifically Proven Ways to Unwind Post Work
Adapting ideas from competition can be helpful for your business when you’re looking to gain traction on a new product. It can help you create something truly compelling but to make it work, you first need to understand pros and cons of such a strategy. With this blog you’ll have all the information you need to make right decision for your own business strategy.