How to Beat your Business Rivals

How to Beat your Business Rivals
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August 15, 2020

As a business, keeping your position in the market and being ahead of your competitors is essential for you. There's competition in every market. 

But competition for businesses is healthy – it will encourage you to innovate, remaining ahead of the curve. But competition can be intimidating, too. You don't want to back down, but you're not sure how to defend against competition. 

Every business deals with this question, and what success comes down to here is creating a strategy that will help you better serve your customers, brand credibility, and supporting your team. Smarter companies nullify the competitors’ impact to remain ahead in the business.

How are they doing that, then? Here are five easy but powerful ways to beat competitors at your industry.

1.    Know your Competition.

To know your competition, it is most important to start by analyzing the marketplace. Find out who are your rivals, what's their selling point and what are their strengths and weaknesses. Look for something the competition doesn't do, and then seek to fill that part of the market. This will identify the fields that you need to compete in and provide you with a framework for differentiating yourself.

2.     Know your customers

Customer expectations can alter dramatically. Figure out what appeals to the customers now- is it cheaper price, better quality or premium service, the latest products?

The key here is to provide solutions to the prospects and provide them with what they need, rather than giving them what you intend to sell. What you need to do is satisfy the need, not "offer" something. Your goods or service would naturally continue to sell more as long as you satisfy the holes that your competitors miss.

3.    Distinguish yourself

 Unless you are different from our rival, you can never expect the price you get to be higher than what you receive. It's important to give the customers a strong reason not to go to a competitor but to come to you. Your goal is to separate yourself to ensure that you stand apart from your competitors, and therefore able to command a high price.

4.    Right pricing

The perfect pricing strategy is based on marketing psychology. Before you formulate your selling policy, it is important to understand the competition. You need to understand who's delivering the best value for money. The price you establish must be normal and have a competitive edge.

A strong selling policy does not necessarily involve reducing the cost of current goods in order to attract more customers. Every market is classified into three segments – the lower, middle, and upper classes. The first step is to identify the class that you are addressing. When you have an understanding of that, it'll be a lot simpler to determine the price that your customers would want to pay.

5.    Target New Markets

When you've got one market locked down, feel free to expand to other markets. This is important in learning how to cope with competition within the industry. Are there any potential customers who are close to the current target market? Could you meet a larger market by selling online or overseas? New markets will contribute to faster and better growth, so be sure that your company is ready for a new market first.

How to Beat your Business Rivals
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