- April 4, 2016
- Posted by: Chowdhury Shahid Uz Zaman
- Category: Business strategies
Times have definitely changed! Today, conquering a market can be a lot like a fierce medieval battle where your business and your competitors struggle to win the territory.
However, ultimately only a few manage to overcome (or live) with competition and survive in the business world.
Increasingly demanding consumers, payment modern, new credit options, variety of imported products, low prices, Internet and globalization are only some of the factors you need to know and control to be the favorite choice of customers. Today I share some strategies that you cannot ignore to beat your competition and be No. 1 in your creative business segment.
1) Identify your competitors: Make sure you know who your competition well. Not everyone who sells products or services similar to yours is your competitor. Research them, place them, make some calls and some secret visit and discover: they do, how they do and what their strengths and weaknesses are. Ancient warriors knew that battles are won more easily when it is well known to the adversary.
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2) Conquers new markets: If you already have a database established customer with which work well, do not settle. Develop a plan to explore and conquer new markets. Reward your loyal customers and soon expanders recommend your kingdom and your sales will increase.
3) Be sure to offer customers the best service in the world: Not all battles are won with prices. This demonstrated that many earn with excellent service. If you have 10 competitors, you should ensure that your company offers exceptional service. This will become a strength that few can easily overcome. Custom fast shipments, value added, prompt attention and are only the beginning of success.
4) Marketed your business on VCUs: VCU stands for Competitive Advantage Unique and speaks to identify those qualities that are unique or offer protruding above what the competition offers. What they do not offer your others? If you do not, you make those VCUs do notice yourself to your customers. A VCU can be free delivery, home delivery can be, could be something like a website for online shopping or a unique product line. Anyone who is, take advantage and exploit it to differentiate yourself from your competitors.
5) Create more sales channels: Your products can reach your customers through different means. For example, retailers, dealers network, shops, etc. Assonant and seeking new distribution channels and thus increases the impact to reach more consumers.
6) Be a problem solver: The world’s largest businesses base their success on a single premise: “solve the problems of their customers.” If you learn to offer solutions rather than just products, then your customers will look for you no matter the price. People everywhere in the world needs solutions to everyday problems and if you know turn your product into a solution, then you have in your hand the best marketing tool that exists. What solve your products? How to improve the lives of your customers through your services?
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7) Know your customers: Definitive to sell more and better meet customer needs. What are your tastes, preferences, needs? Identify them through studies that allow you to know your opinions and feedback to your services. Make occasional surveys and find out interesting facts that will help you multiply your income.
8) Create a website for your business: In the twenty-first century it is said to exist if there is a company on the web. Many customers will look in the yellow pages, but more and more customers will look on the web. Certainly they represent a sector probably more “technological”, but if you want to be part of your portfolio, offer them what they want. Information on the network. Today it is very easy, and free! Create a website or a store to promote your services. Do not be the last to do it, do it before your competition and get to where you have not imagined.
9) Never mention your competition or not compare with them: A serious error of many companies is compared with its competitors. In fact salespeople often say things like “our product is better than company XYZ because …” Big mistake! Never mention your competition, you actually matinee a stand against customer “they do not exist.” Why? Just because you’re the leader and you are convinced of it. So you’re not constantly busy mentioning the other called “leaders”. Or have you ever heard “Ricky Martin” talk “Enrique Iglesias” or “Messi” talk about “Cristiano Ronaldo”. And if they do maybe will only recognize that they are in the game.
10) Do not fall into the game of lowering prices: When you have competitors it is very tempting to be part of the game to lower prices. But this is just for little creative entrepreneurs. It’s a proven fact that you can compete intelligently without necessarily lower your prices and wipe out your profits. A good strategy for promotion and advertising, exceptional service, value-added and creativity can be less expensive than lower your prices to the floor. Another good way is to create a counterweight aggressive (but temporary) offering that attract the attention of your customers but that does not necessarily mean a permanent price cut. As you think has fallen in price the Coca-Cola over the last 20 years? Nothing or almost nothing! It is dare I think that has risen in price. And if at some point you offer a choice of cheaper drink (eye, not cheaper), you are actually offering an option with other packaging or other display size. But the main product is the Coca-Cola still consists exactly the same!