We are often asked this question- How is it possible to stand out in a crowd of competitors? Well, competition is a part of any business, every company no matter how big or small has competitors. While sometimes competition brings out the best in you and forces you as an entrepreneur to showcase your very best, sometimes it gets outright dirty when competitors start to copy what you’re doing be it in terms of your product design or even you’re digital marketing approach. So back to the question- what is it that can be done to deal with competition?
Here are strategies that will help you deal with this very issue:
- Competition is not always competition
Others in the industry don’t necessarily have to be treated as competitors. If you look at everyone as a threat, you will lose out on some great partnership opportunities. Learn to differentiate between prospective associates and competitors.
- Take Imitation as a compliment
Yes it can be frustrating when someone imitates every move you make. But the reason they are doing this is because you are a leader in your industry. A common mistake most business owners make is that when faced with the issue of imitation, they limit their activities. If you do this, these competitors will surpass you. However, if you keep innovating and coming up with authentic ideas, you will always be a leader.
- Don’t Copy
While it is great to be inspired, don’t resort to downright copying. Everyone starts their business with a vision, focus on this while developing your product/service. This vision will help you stand out even in a highly competitive market.
- Be Up-to-date
Be well-informed of the various marketing trends and other factors affecting your industry. If you are running a product-based company be aware at all times about the latest innovations related to your product line. In order to be a pioneer, you need to first be knowledgeable.
- Never Underestimate Your Competitors
It is common for most entrepreneurs to only fear the big companies because of their hefty turnover, large marketing budgets and a strong work force. In the process they tend to ignore the start-ups that have just entered the market. Strange as it may seem, large companies may get caught up in their own internal issues, while start-ups are take speedy decisions and bigger risks. Since they have much less to lose, they willingly take big risks. So it is important to watch out for the small players as well.
- Play Clean
Always remember that when competitors resort to cheap tricks to steal your customers, it is important not to retaliate in the same way. A competitor that resorts to dishonest means will surely not be good at client servicing. Taking care of the customer will not be their number one priority. They might steal the business but not your customer. Sooner or later your customer will come back to you.