Struggling to win a battle with a stronger business competitor? These tips may help
During recent years the competition amongst different brands has increased significantly. More importantly, there’s been stiff competition between global brands and local start-ups as well. It has created a dilemma for smaller and newer businesses as well as the brands at losing end to save their reputation and business. In this post we will discuss some actionable strategies on how to face, overcome or bypass competition from stronger brands and improve your business:
Honestly review your shortcomings
While competition is vital for growth and it also shows the viability of any business ideas, you may find it distressing if your competitors are continuously pacing ahead of your leaving you far behind. That is the time for some serious introspection. You should stop in the tracks and ask yourself these questions. Has your company stopped growing? What is the major growth barrier for your company?
What are the biggest complaints the customer have with your brand? Is the talent pool of your organization going in the right direction? How committed the top management is to your brand and business goals? What makes your competitor leave your organization behind? What are some major USPs of your competitor? Can you see your brand achieving those USPs in the foreseeable future? Answers to all these questions will help you find the best ways to improve your business.
Try finding some time to concentrate n the bigger picture and design the practical ideas to grow your brand sustainably.
Re-bond with your targeted audiences with compelling storytelling
The marketplace has got so crowded that you find it difficult to convey your message to the customers. A great way to overcome this challenge is to create a compelling narrative. With the right storytelling skills, your brand will make a place in the mind of the consumers. That’s the one reason why you should invest a good amount of time, effort, and resources in creating material that your targeted audiences can easily relate to.
Through these storytelling materials, you will remain just another business but will become an integral part of the customers’ lives. They won’t only buy your product but will also appreciate your brand. This connection goes a long way in creating a sustainable market value.
Invest in high-authority experts to achieve specialization
Specialization is another thing that makes your brand achieves a cutting edge in the market. So, it is best to active specializations with the help of industry collaborations. For instance, you can apply for a quality certificate in the area that you think you excel in. Or you may invite the product specialist or designing experts to create a winning proposition that immediately places you at the forefront of the business.
Anything that adds a unique point to your portfolio is the best way to achieve specialization and reap the associated benefits. It could be some sort of certification, hiring globally renowned product designers, taking and implementing the services of an avant0garde researcher in your field- all these factors count as a unique dimension of a business that separates great brands from average ones.
Review and reduce your prices
Costing plays he key role in helping you to acquire new customers and try out business into a viable brand. It is the very first thing that comes to mind hewn prospective buyers assess your brand. Come up with the best strategies to offer the most competitive rates to your targeted buyers.
Many businesses get this wrong and start compromising on the quality, weight, size, or other decisive features to bring the prices down. Along with lowering the price, this wrong strategy will also make your product quality cheaper. You wouldn’t certainly love to position your product as a cheap quality inferior substitute to your competitors’ products. So, the best way is to find answers to the right questions.
· Is it possible to lower the costs by increasing the volume?
· Is your B2B partner or vendor prepared to drop the prices or at least freeze the future costs (in case of highly volatile rates) if you sign a long-term contract?
· How much are you spending on logistics overheads?
· How much do you pay for web hosting services?
· Is it possible to save digital costing, like going for low cost web hosting solutions or doing in-house SEO instead of paying heft amount to an agency?
· Is there any area in logistics where you can reduce the costs with some wise optimization?
Such questions can lead to meaningful valuable discussions and eventually help you to get the much-needed answers for reducing the production/procurement costs and transferring benefits to the customers.
Explore new, uncharted ventures in your primary niche
Many times you might find it almost impossible to change the way you are doing the business. Such saturation points can pose growth barriers and push you down at an inferior position when competing with your competitors. In that case, you might better be looking for opportunities to diversify. Perhaps your competitor has already guided a leader position in your field and there is little you can do to claim that position. Often it is not only an expensive affair but the one with lots of guesswork and uncertainties. Moreover, your competitor will be further strengthening its marketing positions when you are still struggling on your upward journey to claim a unique position. Instead, you can act wisely and look for another related field to venture into. This way you can easily avoid direct competition and expect a relatively less difficult journey. For instance, if you are selling the body soaps but your competitor I way ahead of you then you can consider starting a line of body shampoos (that your competitor doesn’t sell) and also create a strategy to grow it over time as a brand. This strategy will allow you to embark on a relatively less difficult journey to develop your brand. That said you need to put into good efforts to see how your existing value might be transferred to the new venture to reap the best benefits.
You just cannot expect any of the above tips to help you if your customer service isn’t great. So, it is absolutely important to offer the best services to your customers before, during, and after-sales. So make sure that you offer prompt assistance to your customers through different communication mediums (email, ticket, chat, and phone) available 24X7X365.
Competition compels businesses to constantly evolve and grow. In that capacity, it is good for businesses. However, sometimes the competition may get too tough and tricky to be tackled. In that case, you need a serious review of your brand, quality, business ideology, market reputation, and pricing to identify the gaps and fill them. In this post, we presented a selected list of tips that you may try to beat your competition. The readers are advised to use their discretion while choosing or exercising any tip mentioned in this post.