Competition is everywhere. It exists in every industry, every country and every market. Even if you are able to find yourself a unique niche market, it will not take too long for ‘copycats’ to jump in and try to grab a piece of your pie.
Business owners know that they must have a business competitor analysis and a strategic plan to engage competition. Question here is, will the plans be able to make the competition they face irrelevant? With that being said, I am going to present you with 7 Kick Ass Ways to Make Competition Irrelevant.
Broadcast Your Unique Selling Point
The unique selling point of your business may be the sole reason why customers return. It creates the identity of your company, products and services. Instead of trying to imitate your business competitors, you should broadcast and make your marketing messages dwell on your unique selling point.
Unique selling point of a business plays a crucial role in word of mouth marketing and it is often used to answer why someone should choose you instead of your competitors. If you went ahead and start imitating your competitors, you are going to leave a special something for your customers to brag about to their friends.
Add Value to Products and Services
Customers are always looking to get more than what they are paying for. To enhance the relationship between you and your customers, you need to brainstorm for ways to add value to products and services that you offer.
If you are in the consulting business, you can consider offering some go green or energy saving tips for free. A retailer can offer home delivery or follow up after a sale is made. Most business owners don’t realize that good customer service is actually a great way to add value.
Promote Innovation in Your Business
A new product idea, marketing strategy or cost cutting measure will breathe fresh air into your business and move it far ahead than your business competitors despite the 7 Reasons Why Innovation Sucks. I know innovation don’t come easily but as a business owner, you should look for them.
Start looking at business models of other industries for techniques that are unique. You might be able to apply them to your business after some slight modifications. Remain receptive to new ideas because they come from everywhere. Your employees or sometimes, your parents can give you great innovative ideas.
Discover New Marketing Alternatives
In some cases, business owners have the illusion that they are in a business targeting a small market and this is due to the adoption of marketing methods that are similar to those of their business competitors.
Wise business owners should look at marketing techniques that will get them attention from a different group of people. For example, if you have been promoting your business using print ads all this while, you may want to consider online marketing, social media marketing or direct mail marketing so that you can get attention from a different set of eyeballs.
Joint Venture with Competitors
Instead of trying to get rid of each other, why not combine forces and get better results together? Sharing of business leads, cross promotions and collaboration of expertise are some activities that you can propose to your business competitors for a joint venture.
Joint venture can also mean collaboration of the all industrial players. If your nature of business is related to an organization that helps to promote the industry, promotional events, conferences and meetups can be organized to boost the viability of the industry as a whole.
Set Up Cross-Industry Strategic Alliances
Strategic alliances can be set up with enterprises that are outside but somewhat relevant to your industry. For example, both parties might be targeting the same market with products that are different in nature.
Cross promotion can be done through different ways such as coupon giveaways, product packages offerings that complement both businesses or booth placements at partner’s locations. Customers are more likely to give new things a try if it is backed by an existing business that they trust.
Expand Your Target Market
By expanding your target market, you are actually moving away from the existing competition to find your own Blue Ocean. Target market can be expanded in a number of ways:
- Marketing Channels (as elaborated in Discovering New Marketing Alternatives)
- Industrial buyers or end consumers
With globalization and the boom in the usage of Internet, a local business can now easily market their products or services internationally. Market research, again thanks to the Internet, can now be carried out by small business owners without having to spend a lot of money.
What’s Your Strategy Against Competitors?
Larry Page of Google, in his tips for entrepreneurs, said that going after hard problems and solving them will get you rewards. Gaining an advantage over your business competitors may seem hard for a lot of small business owners. Even so, you shouldn’t be afraid to solve hard problems like this as an entrepreneur.
If you run a business in a competitive industry, do you mind sharing with me some of the strategies you use to stay ahead and on top of your competitors? If you have questions and things to add on to my article above, feel free to leave me a comment below as well.
Photo Credits: whiteafrican