Competition! It is a very tough scenario which is always constant in any business. But if we talk about small organization this competition creates a huge problem for the concern.
The main element of competition is Competitors, every company’s got them, and without them, we would have no commerce.
But while you might dread thinking about what the competition is up to, it’s absolutely essential if you’re going to help your brand succeed.
Sometimes competitors get a little aggressive. Maybe they copy what you are doing. Rather than getting upset about aggressive competition or even approaching another business about it, use these strategies to rise above it.
Competition with a rival company can push you to improve your business and service or product to better appeal to your target demographic.
By identifying, analyzing and strategizing against your competition, you can improve your business model to appeal to more clients and customers.
Then the question comes what a small enterprise or business should do? Well, answer is simple such concerns should keep in mind the following points-
HANDLE COMPETITION IN SMALL BUSINESS
1. Change Your Mindset
You should be positive. While your first instinct might be to panic that more and more. If you follow and make better strategies you can beat any type of competition.
You just need to be stress-free and should analyze the situation calmly. After analyzing the situation you should make a plan, both broader and narrow i.e. an overall plan which will be your broader plan and small plan for each step which will be your narrow plans.
Research & analyze your industry. Even more so than researching your competition, you also need to research and analyze your industry. Be up to date on the trends and what is coming up for the next 6 months to a year.
Be proactive and know these things before they happen. There are many industry newsletters, news trackers, tickets and subscriptions you can sign up for to keep you in the loop.
Look at what others in the industry are doing and see if there are profitable actions you could be taking as well. Know your competitors. Find out who your competitors are, what they are offering and what their unique selling point is.
This will identify the areas you need to compete in, as well as giving you a platform for differentiating yourself.
2. Share Knowledge And Gain
It is not always beneficial to be introvert and not to share anything. We are not talking to share your important and key plans but you can share common practice or knowledge to beat a big competition.
Suppose you are small CA consulting firm who wants to beat any big firm say its name is A. Then in the market there will be many small consulting firms like you.
This group of the small consulting firm including you can share common strategies to beat such a big firm. Realize that competitors are not always competitors.
This can be a valuable and humbling lesson. If you always treat others in your industry as competition, you can miss out on great partnership opportunities.
Think of the freelance writer who feels like she’s battling against another writer in her space. Once she changes her thought patterns, she finds that the other writer is willing to hire her to help with overflow work she doesn’t have time to take on.
By looking at others in your industry as potential partners, you open yourself up to even more business. In business, you have to be authentically fierce and bold.
Pay attention to what others are doing, and find your own path. And if they mimic you, take it as a compliment and keep moving forward. We’ve all heard the phrase “If you can’t beat them, join them”.
In the case of new competitors, it might not be worth the time and effort on either side to engage in all out competition.
If you find that your competitor can supplement the needs that your business already provides, approach them with a plan of collaboration that can benefit both businesses.
3. Differentiate Yourself
You should make your product or service very unique. Before doing this you should know yourself. Before combating competition, it is essential that you understand and explore the niche that your company occupies.
Spend time and resources to determine who your ideal consumer is and devise a plan to expand the reach of your market.
Ensure that your consumers stay with you through exceptional customer service and that your team does their best to make sure customer needs are met and expectations are exceeded.
The last thing your business needs in the face of new competitors is to be complacent.You cannot survive in the market without any special quality.
Suppose you are pen manufacturer newly came in market. You will have to add a special feature to your pen despite the fact that it is just a pen and in the market, there are n numbers of the pen.
This special characteristic can be the model of phone or its quality is imported or maybe it is advertised by a big celebrity.
You will have to introduce new ideas new techniques to your business. Any business cannot be survived without maintaining and introducing new and fresh ideas.
When you come across the competition, it is important that you observe how they function and assess where they pose a threat to your business.
Ensure that you watch their marketing efforts carefully and examine what pays dividends. Make note of their product, their services and how they interact with customers, this will allow you to determine their strengths and the weaknesses on which you can capitalize on.
The best way to combat competition is by focusing on all of the things that your company provides and others do not.
Handling competition is easy when you review your competition regularly and face the challenge as a learning experience.
You might discover untapped strengths that you never imagined your company had.
5. Develop Your Online Brand & Image
It is not enough in today’s competitive market to have some business cards, pamphlets, and a generic website.
You need to develop your online brand and image in a way to make yourself stand out above your competition.
There are many ways to do this. Spend the necessary time and money to have an awesome website. Even if this means hiring the workout, do it. Invest in Content Marketing.
Promote yourself and create a corporate culture that will promote you as well. Develop a strategic business and marketing plan; implement and track.
6. Do Not Underestimate The Competition
Competitors may come in different shapes and sizes, but they have one thing in common they all want to beat you.
You may lose sleep over bigger competitors with their impressive cash flow, customer base, and power, but smaller competitors can actually pose a bigger threat.
Large companies can get tripped up in their own bureaucracy, but startups are nimble, can move fast and operate under the radar.
Since their survival is on the line, they may take big risks and cut corners.
Do not underestimate your competitors, especially the little guys. It is just not wise to do this, whatever strategy you choose to use, don’t ignore the small guy.
They often have little to lose; they are not restricted by bureaucracy and have a more direct route to customers.
Time for a hard truth: you need to be better in at least three aspects if you want to start beating your competitors and you will need to have a very good competitive strategy in place.
As your business begins to prosper and gain momentum you may become aware of others in the market that directly or indirectly offer a similar product or service that you do.
It is important that you recognize the existence of these new competitors early on and build strategies to ensure that they do not affect your business and your market share continues to grow.
Every business in all industries faces the task of handling competition. Regardless if you are selling products online or providing a valuable service in your community, it is highly likely that another company is offering a similar product or service.
Part of developing and implementing a successful business strategy means learning how to address the other businesses that are your direct competitors.