No matter the kind of business you do, it’s certain that you must have business competitors and that’s the reason while planning your business, you should identify the competition in the market, analyze it and also design a strategic plan on how to overcome your competitors.
I have checked and analyzed the ways mentioned here and discovered that they are very effective in any kind of business you are about to start or already into.
Let’s get started…
8 Ways To Overcome Your Business Competition
1. Add value to your products / services
The value of your products / services are what brings back your customers to you. You should understand that customers loves to pay lesser for what they buy i.e they always want to get more than what they are paying for.
2. Establish a good customer care service
The way you treat your customers determines if they will come to you again. Showing total respect to your customers should be your core value and also have it in mind that your customers are always right.
3. Broadcast your selling points
Your selling points are what distinguishes your business from that of your competitors. When you broadcast your selling points, it will enable your customers to promote your business for you using word-of-mouth advertisement method.
4. Collaborate with your competitors
I know this may sound funny to you…
No, don’t let it be because when you collaborate with your competitors, it will make the competition in that market irrelevant.
Let me give you a scenario of Nigerian Breweries plc. When they discovered that the competition in the beverage market is becoming stronger and they don’t sell like before, all they did was to collaborate with some other breweries like Life and Consolidated breweries.
After sometimes, they acquired life brewery and merged with Consolidated. But if you should notice something now, you will discover that Life is now their best selling product while star and gulder don’t sell like before.
Their collaboration with consolidated brewery brought some products like “33” larger beer, Hi-malt, maltex e.t.c which no longer exist into existence. So with this, you can see how collaboration can help to overcome business competition.
5. Promote innovation in your business
Your customers wants to see new things in your business. They believe in the improvement of your products / services. You can do this by repackaging or improving the quality of your products / services.
6. Discover new marketing techniques
As a business owner, you should be able to discover the new marketing techniques or strategies in your market. You should do things to get the attention of your customers and make it totally different from that of your competitors. For instance, online and social media adverts are now the trending advertisement system mostly used by business enterprises.
7. Simplify your delivery methods
Don’t stress your customers so much that they need to pass through long processes before they can make payments or receive what they have paid for. When they discover the difficulties in your delivery method, they go for an alternative.
8. Expand your target market
When you discover that your business is dominating a particular area or demography, you should expand the business to other places and that will place you higher than your competitors and you will be more recognized.
If you are able to achieve this, you know that you have moved away from the existing competition to another which will yield you success.
Having read this post, what do you think about the ideas mentioned above or do you have more you think you can share with us?
Kindly use the comment box below to communicate your ideas…