Ways to win your Competitors. Competitor. Competition
If you are just starting out a business, you are probably competing with companies and businesses that are more established, that have more resources, and that have been around longer or if you are the leader in your sector, in your industry, in your category, chances are you also have new companies coming into your industry trying to take market share from you, trying to take customers from you.
In business, we cannot avoid it. We deal with competition every day.
The customers that you’re selling to, only have so much disposable income that they can spend. So If you want them to spend money with your business, you will need to figure out a way to deal with competition.
- Keep your friends close and keep your competitions closer.
Study your competitions. Know your competition better than they know themselves. Study them, buy from them, talk to their people. You should know what they’re doing, what they’re gonna do, and how they’re doing it. There are a lot of things you can learn from your competitions, you could learn from your competitions if they are successful, if they’re getting ahead, if they are getting customers. Find out what they are doing that you are not doing. They could be providing a better service, a better experience, selling a better product, or perhaps they’ve got a better team. Whatever it might be, competitions challenge you to be better. They challenge you to not get complacent.
- Study the competitions, but don’t focus on them.
Study your competitors, get to know them, know them inside and out, know their strategy, know their market, know how they’re serving their customers, and know how they get their products. But the key is not to focus on your competitors but on your customers, focus on how to add more value to your customer? Focus on how to add more value to your customers than any other business. Yes, we study the competitions, but the attention, focus, and energy, we spend on how can we help our customers, How can we fulfill their needs better.
- Think long-term, not short-term.
Instead of competing with your competitors on just one product or a campaign, think of the future. The competition may be selling a certain product, at a certain price point or they do some kind of promotion discount, and they lower theirs. Instead of being very reactive, think a little bit long-term.
As a business owner focus on a definite goal and don’t get distracted. When you make a decision on your business think about the long term irrespective of whatever approach your competitors or the industry is going. Plan, strategized and think about what you would do differently.
- Collaborate with your competition.
Also, sometimes if your competition is serving the same market that you’re serving right now, instead of competing, you could profit from your competition.
You can offer a complimentary product to the same customer base. You can partner up and form some kind of a strategic alliance.
Big companies do this all the time. Co-branding, collaborating, and strategic alliance.
You could do this and actually make more money for you and for your competition?
This in turn will give your customers in the marketplace more value and better results.
Sometimes the best way to win and progress is not by blind competition but by collaboration. Collaborating with a company that has the same core values, and a complimentary product that will bring more value to your business and also to your customers.
Reference: 3 Ways To Deal With Business Competition – Dan Lok
Ways to win your Competitors, competitions
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