If you are just starting off in business or even if you have been around for some time, the issue of competitions in business is something that you can not escape from.
However, the issue is not really having competitions but understanding and knowing how to handle them and still succeed in the business that you are in.
And when I talk about competitions, I don’t just mean in the way that many people or business owners describe it, which is; other businesses that do the same thing or provides the same services as you.
Rather, I see it in a much broader scope of what you are to be thinking about when you think of competitions in business.
Before I get into explaining more about what I mean by that, I believe that you will agree with me that the financial capacity of every individual differs and that goes to say that; some have a higher financial status while many other have low or are simply struggle finically.
So, if this is the actual reality in the life many people out there, which by the way includes those that will buy from you, don’t you also think that that will have a certain measure of effect on their ability to patronize what you sell or the service that you provide?
In other words, people have to not just spend money on your business or that of others that are selling the same thing as you (your supposed competitors) but also, they have to decide on also spending that same limited amount of money that they have on other needs like groceries, insurance, medicals, education and others.
So, this goes back to my point that; your competitions are not just those business that are offering the same services or products as you.
Rather every other businesses and activities that an individual can likely be spending their money on instead of patronizing you.
Ok, now that we have cleared this out of the way, lets now talk about how to tackle the issues and sustain your business without losing sales or customers to other businesses.
1. Study your direct and indirect competitions.
I believe you understand what that means now? It means to study those businesses that sell or provides the same services as you and also to study those other business that have the potentials to take money from your customers in terms of their daily needs and activities.
Also read: How To Make Money From Retail Arbitrage
Studying these businesses is a very good way to learn what makes them thick and very appealing to buyers to the extent that they can potentially buy from them rather than your business.
There are many ways in which you can do this, and these includes even spending money on these businesses to learn how they operate, what their secrets are, their customer service and how their products/services stand out from others.
With this information you can be able to determine if your product/services even stand a chance of competing with these other products in the first place or not.
If you realize that their products/services are far better than yours, then it’s time to strategize and improve on your product to make it even better than others and also make it easy for people to want to do business with you.
Sometimes, all you really need to do is to improve on your customer service and that will tremendously improve your chances of being very successful.
2. Don’t focus on your competitions in business
Ok, since the first step is to study the competition, I know you might be wondering why would you say I shouldn’t focus on them when you already said that I should study them?
The thing is that, you are to study them and not attach any more attention or focus on their activities than is necessary.
What I mean by this is that, you can learn how they operate and maybe one or two things that they are doing better than you if any but that’s it!
Now you have to start thinking of how you can make your own business better than theirs.
So, more attention should be focused on how to further improve your own business, once you have understood how your competitions operate.
You can start to brainstorm ideas as to how you can do thing better in a way that you believe that it will not be easy to duplicate or copy by others.
This aspect is very important, because if your strategies are very easy to copy or duplicate without stress, you can be rest assured that your competitions will also eventually get to study you tomorrow and beat you in the game.
In other to achieve this kind of superiority in business, it comes down to focusing on a particular aspect that you see that your rivals are not paying attention to or finding a way to further tweak a service that you believe they will have challenges doing the same thing.
This strategy especially works well when your supposed competition is a bigger business than you; because we know that as business begins to get bigger and bigger in size, they stop giving good attentions to some services because of their scale of operation and they start taking on bigger tasks and worrying more about expanding their reach than improving their eservices and products.
And at this point because of their size; if they want any change in product design it is going to be very costly because of the scale at which they operate.
So, as a small business (if that’s what you have) you will find it easier to tweak and make quick changes to process and products than they can and this where you will focus on in other to win the game.
3. Think long term and not short term
Thinking long term has a way of ensuring that one maintains quality in what they do as a business.
This is ensuring that whatever innovation you are carrying out will have a positive effect on the products future or the company’s future as a whole.
This is important because if your product improvement is a haphazard strategy, them it is bound to fail in no time and before you know it, you might find it difficult to catch up with the market growth.
Since, you are trying to beat the competition in a fierce market, the last thing you want to do is have a bad product or provide a poor service.
Remember, your competition base is not just those that are providing the same services or products as you but rather many other unrelated businesses that are also competing for the same limited financial resources of your customer.
So if you play yourself by not being efficient or providing a good product, you will be out of business in no time.
Therefore, the best strategy is to always find a way that you will innovate good product or provide quality services that will stand the test of time and not a quick fix that will fail tomorrow.