You have a good business idea that may prove to be relatively simple, but to stand above your competitors is a more complicated task. With the fierce competition that exists today and the economic crisis that plagues the world, only a few that manage to defeat their rivals will survive.
Identify your competitors
Put us ahead of our competitors should be the main aim which we mark as a company. But before, we have to determine what we are facing is.
When we talk about competition, we are referring to three types of competitors:
- Direct competition. Companies that offer the same services within our business scope.
- Potential competition. Companies that are not yet within our niche, but it could be.
- Substitute. It is a competitor who, through different methodology, service or product, provides the same results as us.
Once detected those competitors of your same environment you will have to analyze what they do regarding your company, and what you could do to differentiate yourself from them.
Finally, you must make a map of positioning. Based on these two variables: quality of information and positioning. Draw where you are; where you would like to be; and where your competitors are.
Key to beating your competition
- Bring a different value
The novelty is always the key. Do something differential and deliver value that is useful and cover an unmet customer need can be a guarantee of success for any business.
Seeks a new concept and looks for it to stand out from the rest.
Capture the customer’s attention and get a key part of the formula to beat your competition. The customer should be our main concern. Learn the best techniques to retain customers and get you to differentiate yourself from the competition.
Expand your range of products and services. Finding an audience that is not your target is another formula to beat your competition.
Although the product or service that you sell is quality, you will need to know how to sell it. You must design a strategy supported by online and offline campaigns, this kind of advertising aims to make a direct impact on others and make a mark in a short time.
In parallel with these activities, you must define a content strategy that will help you to position yourself organically in the search engines. So you start to have greater presence in searches for your users.
Fear is for cowards
If you succeed in a certain sector, keep in mind that sooner or later competitors will appear. In this case, copying is almost inevitable. Don’t be afraid and take advantage of them.
Try to face new rivals by betting on a solid innovation strategy that allows you to differentiate yourself.
The key is always innovation and creativity, without them any company will be ostracized.