How to Beat your Business Rivals
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

