Surviving in a business world that’s full of Competition

Competition is healthy. It means there is a market for the good or service you are selling. If there is no competition, you’re in unchartered waters & you have a greater risk of failure if you haven’t done your homework.

Direct completion can be cut-throat. You are in this game called survival of the fittest. Once your weak, you’ll be eliminated which turns to loss of business, financial investment, effort and time, but once you’re strong, you will be on top and the price; fame, power and money.

There are certainly benefits to having competition. Here are some tips on how you can be successful in spite of the presence of competition

Analyze your target market and identify your industry norms

You must know your competition. Write down and observe all the businesses that are going after your same target market. If they are non-direct competitor, team up with them (Joint Venture – create a win-win scenario). If they are, how can you differentiate yourself from them? Where are they located? What are the features that make them more unique than your product? Also try to identify all the market norms (competitors pricing, their marketing strategies, their product positioning, how they advertised and so forth…). After you gathered all the necessary information’s of your competitors, brainstorm and create an intensive plan on how can you attract customers and make your product more appealing to your target market. Remember its not a wise thing to compete your customer directly and be on the same boat as them, that’s a big mistake if you will continue to fight them eye for an eye and tooth for a tooth. Product uniqueness, service, support, guarantee, pricing and quality are the features that each customer is eyeing at.

Gain knowledge from your competitors and your customers

Don’t be afraid of competition. Instead of worrying competitions, make it your learning tool and assess their marketing/business model. Learn your competitor’s strength and weaknesses – challenge their strength and use their weaknesses as your own advantage. This will help you to surpass them in your industry.

Gain in-depth knowledge about your customers (their needs, are they after with the price or the quality, are they introverts or extroverts type of customer, etc.). You should need to take note of that. Ultimately, they are key to business success.

Don’t be afraid to take risks

Take calculated risk, try new things, and don’t fear change. Test, test test, the three most important words for any business. Make sure you isolate each variable when testing. NEVER test more than one thing at a time! How will you know what works and what doesn’t? Patience is everything and in the long run, it will save you time. If you change multiple things at once, it will take you even longer to fully maximize profits, as you’ll have no idea what’s working and what’s not! Tweak and try as many marketing tactics you can until you find the right plan for your business. (By the way, this is an endless process)