Competition is what makes the business world interesting, fun, and really mentally stimulating (that is if you see it that way). But, of course, if there wasn’t competition, a lot of businesses would not mind whatever, and however they serve their clients, or even mind how they look to their clients. Competition makes a lot of businesses think critically on those aspects.
Notwithstanding, you might have been wondering;
- How to beat competition in business?
- What competitive business strategy to deploy for your business?
- How do you make your business stand out in dealing with competition marketing management?
- Why is it important to know your competitors?
- How to win customers from competitors
- How do you intend emerging a force to be reckoned with in your industry?
Read on, and I will show you just how to beat your competition in business.
Let’s get down to business!
1. Improve on your competitors’ solutions
A lot of phenomenal businesses have really done well for themselves employing this rule. Ask Facebook, just after Myspace emerged and also ask Netflix, just after Blockbuster thought they had ‘the whole space’ to themselves.
Look around, check out your competitors’ weaknesses and figure out if you can work your way around creating a solution that would be unique to your brand.
2. Value, not price
It is not about pricing always. You may lower your prices to get in customers, but that alone is not sufficient to keep them.
Only one thing is – value!
Provide extreme value to your customers and they will always come back begging for more. Now, value has different interpretations for different people. To some (which is supposed to be general), it may be getting the best deals; while to others, it may be getting freebies, or experiencing great customer services. Value comes in a lot of ways. Make it a duty to give way more value than is expected, and that helps you create an emotional connection with your clients.
3. Give out something for free
This is a really important way to get people dependent on your business and when they do, word keeps spreading about the incredible solutions they can get in your business for free, and that is one of the best marketing strategies your business can ever employ – word-of-mouth marketing.
4. Focus
You may be producing a lot of products, but if you really want to do great in the marketplace, you have to cut down on your products and focus your energy on the few that you will be sticking with. Steve Jobs employed this strategy and saved Apple in 1997. When sales went down 30%, there was seemingly no way Apple could bounce back from that shocking experience in a short period of time. Well, guess what? Apple made $309 million that year. That’s how powerful focus is.
5. Define your added value as clearly as possible
Your business would definitely have strengths that other businesses don’t. Your job is to take those strengths and amplify them so large that it becomes your definitive story – that’s how brands are built. Make sure that whatever makes you stand out is effectively communicated to your clients and prospects.
One key tip you should take home that’d help you beat the competition is this – always start with the customer in mind. Then, work backwards. It is first about your customer, then you.
1 comment
thank you so much for this