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How to Compete Favourably With Your Competitors – 7 Ways to Do It

How to Compete Favourably With Your Competitors – 7 Ways to Do It

 

In business, competition is a never ending situation. From time immemorial there has been competition and this modern time isn’t an exception.

You need to be better than each of your competitors in at least three ways if you want to survive. Notwithstanding if your competition is Starbucks, Mcdonalds and Nike; you’ve got to find a way to beat them to it.

But let’s get something straight right now: being cheaper than a competitor is not your only weapon. All too often, we see business owners at their absolute wits’ end because a rival is undercutting them on price, and they can’t keep up. Trying to compete on cost is a journey to liquidate. If you can compete on price, brilliant.

How much expertise you have put into your brand, will say a lot about how competitive it would be. There are other brilliant ways to beat them to it. In fact the truth is that competition helps brands thrive.

Here are 7 sure ways you could compete favourably with your competitors and be sure to yield remarkable results.

1. Advertising and Promotion

Advertising isn’t just all about making people know your brand. It is the ability to put a rock solid advertising plan on ground, discover which ones yields the most result and follow it through. Decide on the medium to use. For instance, it could be handbills, posters, customized text messages and what have you. Know what works and repeat the process.

2. Using Testimonials from Existing Customers

How well your brand has affected your existing customers determines the testimonies you get. Take a look at brands like coca cola; don’t you think their ardent customers have good testimonies? In the same vein, your customers will say well only if they are satisfied.

3. Make the Most Use of Technology

With the advent of Social Media and the internet, making your brand known gets easier. The more you employ the use of social media, the more ‘in your face’ your product gets.

4. The Good Old ‘Word Of Mouth’ Strategy

This medium never goes into extinction because it does serve its purpose. No big brand in business today can deny having used this medium. The key here is to continually deliver value. This way, people will be more willing to advertise your business for you, without even realizing it!

5. Sales Promotion and Well Fixed prices

Embarking on sales promotion from time to time is a sure way to compete favourably and build a network of potential customers. Also fixing the prices of your brand at good rates determines whether potential customers would be attracted or repelled.

6. Get Involved with Social Responsibility

When your get involved with community development, it allows new customers opportunity to connect. This is depending on the kind of project you are embarking on. There are a myriad of areas to fit into; areas like Social amenities, health, philanthropy and what have you.

7. Have a Personal Relationship with Your Customers

A lot of your competitors these days deal with their customers on a one on one basis. So what must you do?  Introduce something that is different. Perhaps you might want to send your customers personalized cards or messages during the weekends and holidays. Give them an opportunity to express themselves on issues as how they want to be served better and what they do not like about your brand.

You must seek better ways to improve on your competition. Review your strategies from time to time and prune off those that do not work for you.

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Published by Valentine Belonwu

My name is Valentine, founder of this site, an entrepreneur working as a moderator at Bizsugar a small business community news site. Connect with me on Google+ at Valetine Belonwu

3 Comments

  1. Neamat Tawadrous · February 20, 2013

    Hi Valentine,

    Another great post shared here.

    Indeed, competition will be there all the time and we have to find a way to stand out from the masses. I liked all the tips you provided for competing against competitors. It is not easy but with those steps done right, it is achievable. I find testimonials to be very powerful and of course you can get them by building your relationship with your customers to build that like, know and trust factor.

    Thanks Valentine for sharing this valuable information with us.

    Be Blessed,

    Neamat
    Neamat Tawadrous recently posted…The Most Common Challenges in Network Marketing!My Profile

    • Valentine Belonwu · February 20, 2013

      Hi Neamat,
      I fully agree with testimonials being a very powerful tools once we can develop a good relationship with our customers and in return we can ask for their testimonials.

      Doing business with our competitors is not that easy but we must find a way to overpower them.

      Thank you once again for adding a valuable comment.

      Valentine

  2. Jennifer Cunningham · February 24, 2013

    Enjoyed the points made. I read testimonials before I buy anything. Advertising and promotion definitely have to “rock.”

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