Competition in the business world is harsh. And it keeps getting worse with every passing day. And every small and medium scale business owner fears having to shut down. Because approximately, almost 80% of new startups don’t go into the second year of business. This is not only because they don’t have enough profits but also due to the mismanagement of cash. So, here are some tips that will help you face business competition.
Where are you?
The very first thing you need to do is to analyze your position. You need to know where you stand first to decide how to overcome the rest. You will need to conduct a market research with your existing customers and potential customers. You can get them to fill in surveys consisting questions about how they would rate your business, if they are loyal to your business and you can ask the potential customers if they heard off your business and if it is positive reviews and also if they are willing to change to your brand and under what conditions. If you are able to find answers to such questions, you will be able to decide where you stand in the midst of the competition!
Next, you need to look for a way to beat your rivals by gaining a competitive advantage. Once you do a market research and find out where your business stands, you will be able to find out what is lacking. You will also be able to find out what your target customers look for most of the time. Then you need to cater to that need. For instance, if you are selling baby toys. Parents look for quality rather than cost. So, you need to upgrade to the best quality, get certifications and so on, just to prove to your potential customers that your product is better than your rivals. You need to put your competitive advantage on full blast maybe by the use of a2 poster printing online.
Then you need to plan on your marketing strategies of how you are going to not only attract new customers but also retain them. And another important thing to a business is to convert existing customers to loyal ones. Only then will you be able to ensure that the business is stable and growth is imminent. Always keep in mind that if you don’t have proper marketing strategies in place you are going to lose out on important customer deals. Because rivals will also be waiting for a chance to get ahead of you. You can use cheap brochure printing online or even use social media platforms to make announcements.
Having rival competition is actually a good thing. Because it makes you strive harder and provide better at all times. You will always try to be better and innovative. For instance, the Motorolla phones were dominant market leaders but suddenly the market fell to Nokia phones. Because they didn’t imagine a time when Motorolla will only be a name few remember!