With everyone scrambling to be the market leader, it doesn’t matter if your business is new or it has been in existence for a long time, you are bound to deal with competitors. Every business sees others (in its line) as a threat and does all it can to outshine them.
There is really no need to fear competition all you need is to learn how to deal with competitors in your line of business.
Here are a few pointers on how to make the best out of competition whilst beating your competitors to it:
Know the competition
This is the first commandment and as an entrepreneur, you should take it VERY important. Have a general idea of who your competitors are, where they are, what their Unique Selling Points are, where they are going and what they are doing to get there. This does not mean you should leave your business to focus fully on your competitors’ (That would be disastrous).
It simply means you shouldn’t be too busy to take note of what makes your competitors tick where they’re going, and how fast they’re going to get there. These help you identify the areas you need to compete in, while providing a platform to make your business different.
Know your customers
Customer is KING, never ever forget that! Now more than ever, customer needs are evolving and their expectations are changing.
To be way ahead of competition, you need to know what matters to your customers. Is it more quality service, lower price, quantity, more flexible service? Look into these and work on your sales and marketing strategy accordingly.
Once you are able to meet your customers’ exact needs, it’s easier to build an enduring relationship with them. That way, you have customers for life rather than for a while. It doesn’t stop there, they will keep referring you to others and in no time, you are winning.
Find your niche
What comes to your customers’ minds when they see your brand? What’s your Unique Selling Point? What is that special thing that leaves a lasting good impression in the minds of your customers even after transacting business?
Your USP should tap into what customers want and it should be very clear, meaning no one should have to ask what makes you different.
There are basically 3 key areas to focus on when choosing a competitive advantage; Quality, Price and Service. Focus on meeting a specific customer need (or small set of needs) to the very best of your ability and do it better than your competitors.
Target new markets
Branching out into larger markets increases your customer base a whole lot. Be bold to chart new territories where your competitors have not thought of, do all you can to always be the first to do something new.
Think about it: are there groups you have never targeted before who might be interested in your services? If there are, don’t waste time, start marketing to them.
Constantly watch out for trends in your line of business, take proactive measure to handling competition, focus on your own strengths, work on the weaknesses and your business will be one of the most sought after in your industry.
Photo Credit: Milkos | Dreamstime.com