In my last post, I wrote about how small business owners can raise capital for their businesses, but one thing that remains a major night mar for some business owners, especially the unprepared or underprepared ones, is the presence of competition, the fact that competition could arise at any point in the business is understandably very scary, what is even scarier is when you do not have the financial capacity and the business intelligence to battle with them.
As much as we know that rivalry can be highly intimidating, it is also healthy for businesses as it will help you think about innovation and help you stay ahead of the curve. Strategies on how to combat your competition differ from one person to another, let me highlight just a little.
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It is important that you know your customers: A lot of businesses do not have sufficient data to be able to build an efficient market campaign. While a lot of marketers understand the purchasing pattern of their customers which is helpful for tracking, there is still so much information that can be used to help refine market plans. It is necessary to know your customers and build a strong relationship between them and your company, le the connection you have with your customers beyond just the transactional purchase, and data collection is a good way for you to know your customers beyond purchases.
The next step is for you to understand the competition and in order to do that, you must efficiently examine the marketplace. Observe the things your competitor does, do you have any unique way of communicating with customers different from your competitor, another thing to look out for is what your competitors aren't doing well, and how you can take advantage of that loophole to win over customers to your own side.
Understanding what makes you different when it comes to handling competition is highly necessary, is it that you have an upper hand when it comes to sourcing for products or do you have the ability to present the prices chapter? These will help you in knowing what way you stand tall and coupled with the fact that you now understand your customers, it will be easier to navigate through that piece of information.
You also need to have a very clear message in order to attract and keep your customers regardless of the competition, customers want to know the things you can do for them that no one else will, communicating this message in a very clear tone will help you, not only to attract but also retain your customers.