Healthy competition is vital to the success and the growth of a business. Competitive pressures are not an obstacle rather they should be viewed as an opportunity. As a business-owner you are never alone, whatever industry you chose to go in, there will always be some kind of competition present. Even if not present at that time, competition will slowly build up. The business industry is meant to be a racecourse, where there are going to be your fellowmen, sometimes you are going to take the lead, and sometimes you might be left behind too. But there is no finishing line. Successful entrepreneurs learn how to survive under competitive pressures. Never underestimate your competitors, you need to worry about them because however small or big they are, they are going to be a threat. But what can you do about it? You need to devise a strategic business plan in order to get competitive advantage to get ahead and stay ahead. Getting ahead might not be difficult but the other part is where you have to buck up and stay prepared for anything. So how do you identify your competitive advantage? Here are a few ways in which you can stay in business against the competition:
Focus on the price you offer
One of the most conventional ways of beating your competition is to offer a similar product or service at a lower cost. This gimmick is not only good at attracting new customers from the market, but it will also ensure that your current customers stay loyal to you.
Strive to be unique
Why go for something that is already available in the same area, think differently and tweak your product or service according to customer demands. Consumers gladly accept a better alternative to what is already available and are convinced to give it a shot.
Provide the best customer service
One way to lure customers into your buying from you rather than from your competition is to provide an amazing customer service. This will help you to build a strong customer base who will always want to come back to you. This point is extremely important for securing your existing customers too.
Target a specific market
Choose your niche product or service and work diligently on it. Don’t try to sail in too many boats at the same time. Let your first launch be a hit, before you plan to introduce another product or service. Let the customer response be your guide.
Get a good location
A great location can highly affect your sales and help you beat your competition too. Analyze the market and conduct a detailed research as to what place is best for your business and how it will help you to attract prospective customers.
Train your staff to be humble
Apart from providing an exceptional product or service, one always remembers the politeness of the staff. Make sure that you train your staff to be nice and humble at all times with everyone.