Growing your business means competing with other businesses and as you already know, the competition is fierce. All of you are trying to take a piece of the market share and there isn’t enough to go around. The pressure and stress that comes with growing a business can be so overwhelming that some just plain give up while others kept on going through sheer willpower. Those that do are rewarded with either business success or gained new experience to try again. It’s a win-win situation if you ask me.
One of the things that entrepreneurs experience when expanding or growing their companies is the high level of competition. Success all boils down to how you respond to it. Do you ramp up your marketing efforts? How about price adjustments? Perhaps a new innovative product? When it comes to business competition it is all about being unique. To stand out among the other businesses that are trying to attract the same potential customers as you are. This is especially important if customer spending in the market is slowing down. Build your competitive advantage and defend your market position to stay in the game.
Know Your Competition
Be prepared by knowing who you are dealing with. Know your competition. Find out what their strengths and weaknesses are. What are they offering to the customers? What is their price range? What is their marketing like? How long have they been in the business? What makes them stand out? Do your research and use the information to come up with a plan to differentiate your company from them.
Identify The Customer’s Problem
All successful companies started out by solving a problem and selling that solution to the public. Do you want to watch all the movies you want without leaving your home? Movie streaming companies answered the call. Want to eat delicious food without going out? Food delivery services became a staple in our lives. However, every product and service is not perfect. There is always something that needs to be improved. The question is, how do you find out what’s the problem with the current offerings? Simple. Ask customers. Send out surveys or do polls through email or social media. You can even do a live question and answer through video streaming. The idea here is to not only engage with your audience but to know exactly what they want. One important thing to remember is to focus on trying to solve the customers’ issues and not to try to sell them anything. The latter will come once you have found a solution.
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