6 Steps To Fight Rivalry In The MarketMay 25, 2020
The market is saturated. With the passage of time humankind has evolved and developed. A number of things are created that make life easier for us. Such creations are then modified with the help of research and technology. Replicated, and sold among the common population. Thus, the market is now saturated with a number of players for nearly every product. This has made the customer the king. Due to unlimited choices and better facilities businesses have to fight for customers and their loyalty. At the end of the day customers make a business or destroy a business.
Competition can, therefore, boost a business or decline its pace. Even after providing the best services and products some businesses lag in the race. That is because someone out there is better than them and is attracting more attention.
This can be frustrating. But fighting competition in the right way can help the business grow spectacularly. Here are some tips that will be useful to get one at the top of the market:
Find Your Area Of Specialization
The biggest mistake most businesses do is to plunge into a number of niches. Eat as much as you can chew. The brands invest in different departments. This not only takes up a large amount of money from the investment but also requires a large amount of energy, effort, and commitment.
Now if all of this is focused in one place imagine the quality and quantity produced? Yes, it will be worth the money customers pay.
When one is focusing on a number of things, the quality of all is bound to decrease. These other niches that the business adopts take the resources that were supposed to be utilized over the center product the business is known for.
Focus on just ONE product or service. Give it time. Work on it. Make it the best of the best. And make it the business identity. At the end of the day it will generate more revenue than all them niches combined cannot. Not to mention the better brand reputation.
Numbers Can Make a Difference
There are certain critical numbers that can play a role in making or breaking a business. One should be tracking the below numbers whatsoever:
- Average customer value is the amount of money a certain customer spends over the products or services over a certain period of time.
- Cost per accusation is the cost one has to pay every time they tend to acquire a client.
- Return on investment is the amount one sets on marketing campaigns
- Break-even is the cost of marketing that is covered by the number of sales (Howes, 2013)
The Marketing Campaigns
Telling people that one is in the market can help a great deal. Marketing the competitive features of the business is even better. Let them know. Even if the competitors are giving a better product with a better price one can still gain customers. Marketing can attract people in. Invest in marketing as much as you can. The more the marketing the more curious the people will be about the brand and its product and will eventually give it a try.
Market through television, radio, billboards, posters et cetera. The more visible the brand name will be around town the more people will come.
Also use little tools such as lanyards, t-shirts, cups, watches et cetera. Do not forget to engrave the business name and motto on the items. Because at the end of the day we all want them to remember. This is called marketing at a minute scale. 4inlanyards.com is an ideal place to attain such custom lanyards. They provide different printed lanyards with different colors and in a variety of materials. Along with that they also provide items such as badge reels, badge holders, wristbands et cetera. Not to mention the lowest price guarantee with the fastest delivery.
Scan The Market Thoroughly
One needs to stay ahead of the enemy. Before entering certain market access the place. Know the top players and the mediocre ones. Know what the market lacks. Know the demands of the customers. The price charts and the suppliers in the market.
Most of all identify the strengths and weaknesses of the competitors. The Internet can be of great help. Use tools like google trends and advertising strategies of the competitors.
One can use the digital world to analyze the situation and market for oneself at the same time. Keeping all the factors insight and knowing the battlefield before going into it can help significantly in beating the competition.
Hold a Competitive Advantage
The best way to stay ahead of the competition is to provide people a service or a product that is not already being sold in the market. Something that the customer strives for a keep on coming back for. But make sure the competitive edge can not be replicated. It must be the specialty of the business. A competitive edge can be anything from price to quality.
A distinctive edge not only helps build business recognition in the market but also helps in developing customer loyalty. For instance, Apple is known in the tech market for its sleek design and picture quality while Samsung is known in the same market for its battery durability. These features are something so unique that no one can replicate them. This is a perfect example of a distinctive edge.
Fill The Void In Industry
As many entrepreneurs enter the industry, they think that they can beat others and go on the top just like that. Let me tell you something. There is no ‘just like that’. Others in the market are former players and they have all the customer loyalty and investment they need. It is not easy to defeat them.
An easier way on the other hand is to find a void in the market. Something that is not already being sold in the market. Or something that is not so common. This can beat the competition excessively.