It’s a sad experience. Yes, it’s heartbreaking. Your business idea, which you had passed many sleepless nights trying to actualize, had been copied. Your competitors didn’t just copy the idea, they polished it and made it even more attractive. And the result? You’ve lost almost all your customers.
You need to take action fast before your business pales out of market.
Are you currently in this situation? Even if you’re not, you’re very likely to find yourself in something similar – sooner or later.
To save your business from the menace of stiff competition, here are the 5 powerful strategies that will help you:
1. Add new concepts that are hard to duplicate
Sit back and think of new concepts you can add to your business. Think of diversifying – but spread out only into areas in which you’re competent.
Hit your competitors hard with strange, great ideas that are difficult to copy.
Call for ideas from your employees, customers, friends and relatives – you can’t tell where that killer idea will come from.
PS. If you’re not presently facing stiff competition, collect great ideas from whatever source. Think of how to improve and perfect them. Keep them; you’ll need them to forge ahead when the competition thickens.
2. Intensify your marketing in both “worlds”
When competition gets stiff, you should multiply you advertising efforts. Are your competitors using any marketing platforms that you’re not using yet? Find out and do all they’re doing – and outdo them!
Online, you can market your business by many avenues – PPC marketing, email marketing, search engine marketing, social media marketing, etc. Never underestimate the power of any. Try each of them and see which ones are working best for you.
Now, avoid one mistake. Never ignore offline marketing! Remember that your customers are offline. So, while you market online, don’t ignore the “real world”.
3. Find out what your competitors are doing
This is quite simple. It may take time though, depending on your business. Find out which factors are giving your competitors the edge.
Do the PEST analysis to find out what has changed in their external environment.
Then apply your competitors’ strategies to your business.
But before applying any such strategies, think of how to improve them. This way, you’ll get better results.
Having applied all your rivals’ tactics, outdo them in order to jump ahead.
You must give your customers good reasons why they should come to you rather than a competitor. Think of what makes your business different from others.
Is this difference enough to convince customers to prefer you to others? If it’s not, well, it’s time for another round of brainstorming.
5. Update Your Image
This may seem insignificant, but it works. If your business is wholly online, consider changing your website look and layout. Make it more professional and attractive. Also, offer content that will keep visitors glued. The longer readers spend on your site, the brighter the chances that they’ll do business with you.
If, on the flip side, you run a physical business, do something similar. Paint your office building, improve the look of your business cards, billboard adverts, your logo, and so on – only if necessary.
Now, you’ve just learnt five sure-fire strategies that will keep your business ahead of competition of any density. For your business to survive, you really need to be ahead of your game. Apply these strategies, and your rivals will trail you endlessly!
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