Have you ever doing business where there is no competition? Think for a minute, if there is no competition how you would sustain an idea and grow it? My point is the race of competition is constructive, it’s a good thing, but it can itch us the wrong way at times. There is competition between entities doing the same businesses but what will you do if you are losing a considerable chunk of business to smaller companies that do a fraction of what you are doing.
Are you in the thick of competition, where everyone is elbowing each other and scrambling to be the front-runner? You may wish your competition just to go away but having them is good for your business. Instead of viewing competition an obstacle, see it as an opportunity.
Successful entrepreneur thrives under competitive pressure. It forces to give your best, having the challenge on your heels push you to run faster, work harder and think deeper. Learn from the success and failures of the worthy adversaries and make the game of competition more interesting!
The question probing in our heads is how we can scratch the itch of competition? Particularly when the competitor is smaller, but it is bleeding subtly? Here is the list of some most interesting and exciting ways which can help you to compete effectively and truly amaze your competitors.
Connect With Your Customers
Today business revolves around connectivity and transparency. Customer experience is considered to be the next battleground for the business owners. To go above and beyond your competitors, you need to make your customer feel special and help them out even when it may not make any sense.
The first step in exceeding your customer expectation is to make the connection with them and try to know those expectations. Instead of focusing on outdoing the competition invest your energy to make a customer-centric organization. Customer satisfaction is the only way to stand out from the crowd. It will boost buyers’ loyalty and help you to defend against competitor’s intent on stealing your clients. Don’t let your rivalries turn sour and negatively impact your business.
Ice the Cake: Encourage Differentiation
You might have seen businesses advertising quality or speed as core competitive advantage. Similarly, one most substantial way to compete is to come up with something the competition does not have, something special something extra like icing on the cake. Competitors consistently try to offer better quality, customer service, and marketing. Buyers demand the best in class solution to satisfy their specific needs. So it’s important to differentiate your offerings and create tremendous value for those you are serving.
Competitive advantage creates the opportunity for new products and disrupts incumbent industries. Product differentiation is a clear strategy which can help you to create a moat of defense against the onslaught competition. It’s a strategic positioning tactic which an organization can undertake to set its product apart from the competitors. It makes the offering compelling in the marketplace and helps organization to articulate the benefit and unique qualities of their products. In short, in this noisy world, to stand out and to create the lasting impact you need to differentiate your products and be creative.
Don’t Be A Copycat.
Your competition has the bigger budget and some employees but doesn’t dwell on that. Your passion, your know-how, and your strategic planning to run and grow your business is something which can help you to be the best. Your experiences and the lessons that you have leaned from observing the industry trends and skills is something which can help to stand out from the crowd. Focusing on your competitive advantage is your secret sauce.
“Only a fool learns from his own mistakes. The wise man learns from the mistakes of others.” – Otto van Bismark
There are plenty of worthy adversaries which can help you to learn from their success and failures. Start your venture with confidence and full knowledge of the other existing more established players in the industry. Instead of jumping on the trends they were touting you need to mend your path. Come up with your idea and develop your business based on your own experiences.
Don’t Underestimate The Competition.
Competitors come in different facets, shapes, and sizes. They have one thing standard, and it is their core objective to beat you.
Big competitors lose your sleep because of having impressive cash, customer base, and power. On the other hand, small competitors pose a bigger challenge. Large bureaucracies tipped up in their bureaucracies whereas small startup being nimble can move fast and operate under the radar. They take significant risks and cut corners as their survival is on the line. One way to compete effectively in this highly competitive and global business world is to pay close attention to your competitors mainly the little guys. Whatever the strategies you choose don’t ignore small competitors because they have little to lose, they have no restriction on bureaucracy, and they have the more direct route to customers.
The weakness of an enemy is the part of your strength. Don’t focus on the strengths of your competitors, find their most significant faults. Learn from the competition and take a note of the chinks in their armour.
Assimilate Competition
There are people that you can connect with to make a mutually beneficial partnership. Such kind of assimilation will create a win-win situation for you and the other party you are acquiring.
Assimilation of a small business with the better specialization in your business area is a successful business strategy, and it is becoming popular today particularly in the world of internet-based businesses such as Facebook acquiring Whatsapp and Instagram. Companies like Google are successfully competing in the business world by acquiring 170 companies over the 18 years of existence including YouTube and Skybox. Moreover, Altium an Australian public software company that was known for providing PC-based electronics design software for engineers acquired Morfik Technology Pty Ltd in 2010, a developer of visual design tools for engineering and deploying cloud-based software applications.
Forming an unexpected partnership is another most significant way to gain the competitive advantage over the competitors. Creating the alliance with link-minded businesses, exchanging the technologies and tools for the expansion and growth of the overall market, cross-promoting products of each other and collaborating on the novel researchers to educate consumer is one of the most effective ways to stand out of the crowd.
Narrowing Down a Niche
There is always someone better than you at something, and this is perfectly fine. Customers deserve best products for the satisfaction of their individual needs. To build a profitable business and a strong relationship with your customer, you must have to focus on your efforts to make the at least smaller segment of overall market happy with you. Narrowing your niche is the only way which can help you to develop a competitive edge and deter further competition.
Exploiting the Industry Trends
“Becoming number one is easier than remaining number one.” – Bill Bradley
In the rock climbing, you need to keep your eye on the prize as it will allow you to get to the top of the mountain more easily. The prize is the goals which give you a reason to fight through the pain and obstacles it seems to be a source of motivation. Similarly, in order to stand out of the competition, you must have to focus on increasing revenues, cash flows and the number of loyal customers with the brand. You can do so by exploiting the industry trend as an opportunity to attract a large number of customers.
You can differentiate your brand and attract a large number of customers by following the current industry trends. Competition increases consumer demand and provides validation for what you are doing. In new markets promoting an emerging trend seems to be an opportunity that makes the media and buyer excited about the work which you are doing. Exploiting the industry trends and considering an opportunity for growth and development is one of the most significant rules necessary to play the game of healthy competition which is good for business owners as well as customers.
Cut Out the Dead Parts
Cut out the dead parts; to some, it’s the craziest advice ever they received for competition in the business world. A lot of people are running their business ventures emotionally, and some are running their businesses logically. Later sounds more sensible than former. I am asking to concede a part of your business or a part of you and your business. I am asking to run the business with a corporate refocusing approach.
Most of the medium and large size businesses running too many things are unable to compete effectively because their competitors, though small, has acquired specialization in a particular aspect which they are also offering. Therefore rather than spending too much time on offering a service too few people are paying for, you have to cut the dead parts. The more compact offering will help you to make your business more attractive.
It is not like saying that your business can not pull of the jack of all trades stunt. Cutting the dead parts and focusing on the more favorable offering need proper consideration and analysis of the internal as well as the external operating environment.
Expand Your Offerings and Expand Your Offering
Selling in greater markets will help you to increase your customer base and spread the risk. Whether you are selling online or selling overseas, just focus on the people who might be interested in your products. Don’t waste your time and energy for people who are not interested in your products. One way to differentiate you from the competition is branding. It helps you to achieve an easy win over the competition. The targeted marketing approach is an affecting way of branding your business. This approach can help you to stand out and exclude the customers that are not the right fit. Guess an episode “The Soup Nazi” which introduced a business owner who has strict rules about buying his products. He excludes all the customers that he doesn’t like and it results in a huge line in front of his store. When you do it, you will repel some customers, but you will get so many others. So, it’s important to think about what kind of customers you want to deal and make it loud and clear in your marketing strategy.
Another important consideration to compete is to diversify the offering. For example, many internet cafes have successfully offered internet access to expand their offerings and to grow their business.
Planning long-term
The concept of world trade and globalization means competition from anywhere. Technology advancement is encouraging the cross-industry competition. Consequently strateHave you ever doing business where there is no competition? Think for a minute, if there is no competition how you would sustain an idea and grow it? My point is the race of competition is constructive, it’s a good thing, but it can itch us the wrong way at times. There is competition between entities doing the same businesses but what will you do if you are losing a considerable chunk of business to smaller companies that do a fraction of what you are doing.
Are you in the thick of competition, where everyone is elbowing each other and scrambling to be the front-runner? You may wish your competition just to go away but having them is good for your business. Instead of viewing competition an obstacle, see it as an opportunity.
Successful entrepreneur thrives under competitive pressure. It forces to give your best, having the challenge on your heels push you to run faster, work harder and think deeper. Learn from the success and failures of the worthy adversaries and make the game of competition more interesting!
The question probing in our heads is how we can scratch the itch of competition? Particularly when the competitor is smaller, but it is bleeding subtly? Here is the list of some most interesting and exciting ways which can help you to compete effectively and truly amaze your competitors.
Connect With Your Customers
Today business revolves around connectivity and transparency. Customer experience is considered to be the next battleground for the business owners. To go above and beyond your competitors, you need to make your customer feel special and help them out even when it may not make any sense.
The first step in exceeding your customer expectation is to make the connection with them and try to know those expectations. Instead of focusing on outdoing the competition invest your energy to make a customer-centric organization. Customer satisfaction is the only way to stand out from the crowd. It will boost buyers’ loyalty and help you to defend against competitor’s intent on stealing your clients. Don’t let your rivalries turn sour and negatively impact your business.
Ice the Cake: Encourage Differentiation
You might have seen businesses advertising quality or speed as core competitive advantage. Similarly, one most substantial way to compete is to come up with something the competition does not have, something special something extra like icing on the cake. Competitors consistently try to offer better quality, customer service, and marketing. Buyers demand the best in class solution to satisfy their specific needs. So it’s important to differentiate your offerings and create tremendous value for those you are serving.
Competitive advantage creates the opportunity for new products and disrupts incumbent industries. Product differentiation is a clear strategy which can help you to create a moat of defense against the onslaught competition. It’s a strategic positioning tactic which an organization can undertake to set its product apart from the competitors. It makes the offering compelling in the marketplace and helps organization to articulate the benefit and unique qualities of their products. In short, in this noisy world, to stand out and to create the lasting impact you need to differentiate your products and be creative.
Don’t Be A Copycat.
Your competition has the bigger budget and some employees but doesn’t dwell on that. Your passion, your know-how, and your strategic planning to run and grow your business is something which can help you to be the best. Your experiences and the lessons that you have leaned from observing the industry trends and skills is something which can help to stand out from the crowd. Focusing on your competitive advantage is your secret sauce.
“Only a fool learns from his own mistakes. The wise man learns from the mistakes of others.” – Otto van Bismark
There are plenty of worthy adversaries which can help you to learn from their success and failures. Start your venture with confidence and full knowledge of the other existing more established players in the industry. Instead of jumping on the trends they were touting you need to mend your path. Come up with your idea and develop your business based on your own experiences.
Don’t Underestimate The Competition.
Competitors come in different facets, shapes, and sizes. They have one thing standard, and it is their core objective to beat you.
Big competitors lose your sleep because of having impressive cash, customer base, and power. On the other hand, small competitors pose a bigger challenge. Large bureaucracies tipped up in their bureaucracies whereas small startup being nimble can move fast and operate under the radar. They take significant risks and cut corners as their survival is on the line. One way to compete effectively in this highly competitive and global business world is to pay close attention to your competitors mainly the little guys. Whatever the strategies you choose don’t ignore small competitors because they have little to lose, they have no restriction on bureaucracy, and they have the more direct route to customers.
The weakness of an enemy is the part of your strength. Don’t focus on the strengths of your competitors, find their most significant faults. Learn from the competition and take a note of the chinks in their armour.
Assimilate Competition
There are people that you can connect with to make a mutually beneficial partnership. Such kind of assimilation will create a win-win situation for you and the other party you are acquiring.
Assimilation of a small business with the better specialization in your business area is a successful business strategy, and it is becoming popular today particularly in the world of internet-based businesses such as Facebook acquiring Whatsapp and Instagram. Companies like Google are successfully competing in the business world by acquiring 170 companies over the 18 years of existence including YouTube and Skybox. Moreover, Altium an Australian public software company that was known for providing PC-based electronics design software for engineers acquired Morfik Technology Pty Ltd in 2010, a developer of visual design tools for engineering and deploying cloud-based software applications.
Forming an unexpected partnership is another most significant way to gain the competitive advantage over the competitors. Creating the alliance with link-minded businesses, exchanging the technologies and tools for the expansion and growth of the overall market, cross-promoting products of each other and collaborating on the novel researchers to educate consumer is one of the most effective ways to stand out of the crowd.
Narrowing Down a Niche
There is always someone better than you at something, and this is perfectly fine. Customers deserve best products for the satisfaction of their individual needs. To build a profitable business and a strong relationship with your customer, you must have to focus on your efforts to make the at least smaller segment of overall market happy with you. Narrowing your niche is the only way which can help you to develop a competitive edge and deter further competition.
Exploiting the Industry Trends
“Becoming number one is easier than remaining number one.” – Bill Bradley
In the rock climbing, you need to keep your eye on the prize as it will allow you to get to the top of the mountain more easily. The prize is the goals which give you a reason to fight through the pain and obstacles it seems to be a source of motivation. Similarly, in order to stand out of the competition, you must have to focus on increasing revenues, cash flows and the number of loyal customers with the brand. You can do so by exploiting the industry trend as an opportunity to attract a large number of customers.
You can differentiate your brand and attract a large number of customers by following the current industry trends. Competition increases consumer demand and provides validation for what you are doing. In new markets promoting an emerging trend seems to be an opportunity that makes the media and buyer excited about the work which you are doing. Exploiting the industry trends and considering an opportunity for growth and development is one of the most significant rules necessary to play the game of healthy competition which is good for business owners as well as customers.
Cut Out the Dead Parts
Cut out the dead parts; to some, it’s the craziest advice ever they received for competition in the business world. A lot of people are running their business ventures emotionally, and some are running their businesses logically. Later sounds more sensible than former. I am asking to concede a part of your business or a part of you and your business. I am asking to run the business with a corporate refocusing approach.
Most of the medium and large size businesses running too many things are unable to compete effectively because their competitors, though small, has acquired specialization in a particular aspect which they are also offering. Therefore rather than spending too much time on offering a service too few people are paying for, you have to cut the dead parts. The more compact offering will help you to make your business more attractive.
It is not like saying that your business can not pull of the jack of all trades stunt. Cutting the dead parts and focusing on the more favorable offering need proper consideration and analysis of the internal as well as the external operating environment.
Expand Your Offerings and Expand Your Offering
Selling in greater markets will help you to increase your customer base and spread the risk. Whether you are selling online or selling overseas, just focus on the people who might be interested in your products. Don’t waste your time and energy for people who are not interested in your products. One way to differentiate you from the competition is branding. It helps you to achieve an easy win over the competition. The targeted marketing approach is an affecting way of branding your business. This approach can help you to stand out and exclude the customers that are not the right fit. Guess an episode “The Soup Nazi” which introduced a business owner who has strict rules about buying his products. He excludes all the customers that he doesn’t like and it results in a huge line in front of his store. When you do it, you will repel some customers, but you will get so many others. So, it’s important to think about what kind of customers you want to deal and make it loud and clear in your marketing strategy.
Another important consideration to compete is to diversify the offering. For example, many internet cafes have successfully offered internet access to expand their offerings and to grow their business.
Planning long-term
The concept of world trade and globalization means competition from anywhere. Technology advancement is encouraging the cross-industry competition. Consequently strategic planning is the only way to consider who will be our future competitor not only who is here competing today- Eric Allison
Overall competition in the business world is a good thing. It breeds champions and helps you to polish your strengths and increase the growth of your organization. Without competition, most of the firms get lost in the day to day operations. A rising tide lifts all boats. Competition increases market maturity and keeps you sharp.
Useful competitive intelligence leads towards self-awareness and self-improvement. To compete effectively, it’s essential to plan for growth, keep up with the development in your sector, follow the customer trends, and make the investment in new technology, look to the future and make long-term planning if you want to thrive in the business world.
Conclusion
Competition breeds champions. A healthy rivalry challenges you to work smartly. Leverage the unique talent in your team. Other companies are continuously trying to undercut prices and steal your customers, thinks positively and help your startup to grow.
gic planning is the only way to consider who will be our future competitor not only who is here competing today- Eric Allison
Overall competition in the business world is a good thing. It breeds champions and helps you to polish your strengths and increase the growth of your organization. Without competition, most of the firms get lost in the day to day operations. A rising tide lifts all boats. Competition increases market maturity and keeps you sharp.
Useful competitive intelligence leads towards self-awareness and self-improvement. To compete effectively, it’s essential to plan for growth, keep up with the development in your sector, follow the customer trends, and make the investment in new technology, look to the future and make long-term planning if you want to thrive in the business world.
Conclusion
Competition breeds champions. A healthy rivalry challenges you to work smartly. Leverage the unique talent in your team. Other companies are continuously trying to undercut prices and steal your customers, thinks positively and help your startup to grow.