It’s almost impossible for only you to be doing that kind of business. Hence, competition becomes unavoidable in the business world. Competition is also important because it stretches you to do better in your business and keeps you on your toes. But for you not to be out of business you must do these;
- Know your rivals: the very first step in winning that business competition is to identify who exactly you are competing with. Once you have known your competitors, make conscious effort to investigate what distinguishes your business from theirs. Note their advantages and weakness.
- Position of strength and weakness: from your investigations above, you might have noticed some of your competitor’s advantages over you. It might be that they occupied more space, more organized staffs, lower price, or more quality. You really don’t have to give up the fight on these bases. All you need to do is to look beyond their strength and focus on their weakness. Sure! Everyone has a weak point. So you must able to find at least one weakness you can use against them. Once you are able to get their weak point, use it as your strength by implementing the corrected version of the weak point on your business and let your prospective customer know why going for your choice is better. The bottom line here, look for what they are not doing right and do it right in your business.
- Customer follow-up: build contacts of your clients and stay lean. Make them to feel free in reverting to you about their dissatisfaction in your business offer. Know about your customer requirements. The edge you need over your competitors is being in the hearts of the customers. You can extract the hard truth from them with your closer dealings with them
- Be innovative: customers tend to get fed up with your business when there are no visible changes. Being stagnant is not good for a business growth. Just make it more interesting with some creativity and innovations.
- Go after larger market: don’t limit yourself with just people around your business locality. Extend your business online, invest more cash into your business, and hire professionals who can do better than the average normal staff. Create as large awareness as you can in getting new customers as well as in retaining the old ones.
- Create a healthy workplace: is very true that you being the business owner cannot successfully drive that business to the desired peak. You can be busy doing all you can think of doing, yet having your efforts ruined even by the lowest employee in your organization. To avoid this, learn to build a healthy workplace. You can actually make the people working with you to buy into your ideas and visions willingly by making them to enjoy their work, have interest in their lives, treating them as friends and not slave. Once that is achieved, there will be an increased productivity
With your great workforce, excellent customer service, and top in class marketing strategies, you will certainly stand out and stay ahead of your competitors.