Better business goes at pace with the business competition. Laws in business portrays that business competitions must exist for any business to become successful while making enough profit.
In this post, you will find out how you can drive up your business despite business competition.
This post will cover the following subtopics as written below. These are important ways for you, if you are looking at how to grow your business despite the torture of other ventures in your industry.
What I recommend hare is to take seriously these practical guides do not hesitate. Apply them every regularly for better results.
So let’s dive in.
Business competition meaning
Business competition is a common situation that exists when companies which produces the same products struggles to reach their customers.
Related Post: Why offering free products is important in business
It’s a contest between suppliers who target the same customers or community. Sometimes it’s known as a scramble for customers.
Business competition exist among companies which produces the same products even substitute products.
But sometimes competition exists when there are different kinds of businesses in the same place looking for customers from the same community.
How did this happen? Business looks for the existence of customers for their growth. As known, always people have endless needs. So every seller struggles to influence customers to prioritize his products to become the foremost need of the available community.
Sellers and companies and organizations as well as other services providers know that business is always dominated by Substitute products. Failure to grab enough customers and manage well a business you have can influence people to substitute your products and continue feeding their needs.
That is why every company never have enough confidence in the performance of its products and how their products feed the needs of their customers. That is why companies invest enough effort in marketing programmes, campaigns to win the stiff market competition by reaching enough customers and fulling their needs.
Why competition is necessary for business success
The existence of a population in a certain place, enhance the existence of services and businesses to feed populations’ requirements.
Business competition indicates the presence of potential customers, and a supoortive business environment is better for business growth.
The existence of customers triggers enough success for any kind of business. On the other side influences the influx of traders who all aim at accumulating income from the population.
The competitions mean traders struggle to supply to the customers.
The higher the competition the higher the chance to make money. High business competition is directly proportional to the market.
See a figure below,
This is why most businessmen launch their venture in a place with enough sellers. The presence of other product sellers indicates a presence of enough customers. And every seller wins according to customer preference, marketing power and the thirst of the people to feed their needs via the business available in the place.
Ways to outwit competition on your business
Before sticking directly toward 5 ways to grow your business in a stiff business competition.
The post shall cover the following tips.
- Know your target market and audiences.
- Understand other competitors’ power and their weakness
- Add value to your products and service
- Do an effective marketing plan / create a regular way of reaching customers (email marketing and social media ads).
- Create a marketing campaign that touches every soul.
Winning in business is not a one-click work. But it involved enough time, consistency, learning, patience and hard work.
It’s a day to day task, a trial and error task until you hit the done. Let us dive in
1.Knowing your target market and audiences
Without understanding who is your customers, you can not hit the right way to grow up your business. Business is a game, customers are direct influencers of a game. So understanding your customers or your audiences is key in business.
Take an example; can you start your venture without understanding who you are going to sell to? This doesn’t sound right. The power of business is in the hands of external people I mean customers.
The community around us are the number one influencer of any form of growth of any business. But do you know how to understand the customers who can feed your products? here is how.
Conducting business research is the number one choice to understand your customers. But what is Business research?
Business research is a scientific process that involves data collection, data analysis as well as data interpretation based on understanding business in detail. It entails all the processes of obtaining data about every single part of the business.
In real nobody can understand a certain business if he/she has never done it before. So to understand a very good in business, we need to conduct business research.
Through research, we can understand who are our customers and their nature, what is their preference, their purchasing power and how economically they are, can they able to afford your products?
Also, research is powerful in helping to understand if your product and services suit their needs, traditional norms and their beliefs.
So, to know your audience, your customers and your consumers do not skip conducting market research and business analysis. It will help you as a newcomer in a field of business to understand in detail the chances for your growth.
2. Understand other competitors’ power and their weakness.
Business is a game, it involves different kinds of players. In business, every person has a chance to play. Its entry is free and you are free to leave.
If a business gives a chance for every person to conduct it. It involves stiff competition and a scramble for customers.
To win the game you need to understand other players in detail. You must know their power, their ability to sell, their products and their weakness.
Understanding the weakness of your competition in a money way for the other helps to give you as a player a nice way to score more than them.
How to know your competitor’s power and weakness? Where do you get that info? See the image below!
Knowing who are your competitors, their opportunities, strength and weakness are halfway towards becoming a winner of the business game.
3. Add value to your products and services.
Knowing competitors’ power, and their weakness is not enough. You can score more if you won’t decide to things about the strength you have and improve it.
You won’t unless you determine yourself and decide to be different. Your difference will act like a balloon.
Being different from other producers, sellers and service providers in terms of service provision, product quality improvement and the way of caring for your customers is key.
Understand the quality of products from other producers, the quality of their services and how they are caring for customers then come up with the solution that others miss.
Being different from others will turn customers’ intentions. Always customers are inspired by better service, quality of the services and products sometimes giveaways and offers.
This is a common way company organisations and business owners use to skyrocket and win over their competitors. That is how winners win a business competition.
How to add value to your business?
Business competitions will always teach you the right ways to win the game. It’s because every entrepreneur has a formula that he/she believes can be better to be applied for the better results of his business.
There is no real guaranteed formula that can help you to add value to your business. But every entrepreneur, organisation business owner and company creates the right formula that suits their products and services to win the game.
In addition to that, there is some advice that can be given to the one who seeks to grow and add value to his or her business despite the existence of business competition.
Here is how you can add value to your business to win the business competition.
- Improve the service to your customers, this is all about caring for your customer.
- Improve the quality of your products and service offers services and products that meet the needs of your customers.
- If you can deliver your products and services to your customers, increases your delivery speed. Make sure your customers get their needs on time.
- If you have products that can be packed. Pack them and improve your packaging style. Make it attractive and impressive to the customers. (Customers always love impressive and attractive products that feed their needs.)
- Apply better communication skills, talk kindly to your customers, advise them on the importance of your products and why they should trust you and your services.
These are some common ways among many ways which you can use to add value to your products.
Remember business is a game, any better improvement in your products and service can bring multi advantages towards your growth. Try these ways, that is how you can win as a businessman in stiff business competition.
4. Do an effective marketing campaign and prepare a better marketing plan
A serious business can’t score if you don’t have a better marketing plan. So what is a marketing plan?
A marketing plan is a formal business document that analyses and explain how your business will achieve customers and increase sales. The marketing plan lays down how the marketing campaign will be scheduled and executed to reach the targeted audiences or population.
A business without a marketing plan is hard for it to score high in a stiff business competition. Having a plan to reach customers is a 1/4 of the achievement of all success that could happen on the ways.
Marketing plans explain how you are going to run your marketing campaigns and reach the targeted customers.
But in a nutshell, let’s discuss what is a marketing campaign and how it’s necessary required for business growth in a stiff business competition.
What is a marketing campaign?
Marketing campaign means deferment ways used by producer companies, organisations and business owners to promote their products and services to the targeted customers or population.
It involves different professional and unprofessional ways to get people to aware of the available products, services offered by producers and distributors.
To outwit competition in business is now a simple game. Companies and business owners are using different ways to campaign their products and services to dominate the market.
Marketing campaign uses different media to promote products some of those media which can be used are like;
- Social Media (Facebook, Instagram, LinkedIn, Quora, Reddit,) These are easy media that commonly runs ads for companies, organizations or any kind of business.
- Television
- Radio
- Print (Posters, infographics, Photos and other related ways).
- Email marketing (Sending daily or scheduled emails based on your products and services to your customers).
- And other online platforms like websites and blogs.
Related Post: How social media help the growth ov a business
These are recent ways that are effective applicable during market campaigns. Despite these ways, some companies and organisations used to campaign their products and services through showcases in exhibitions on formal ceremonies.
On achieving marketing campaigns, companies and business owners use different forms of advertisements to reach target audiences.
Forms of advertisements that are commonly used on reaching targeted audiences are as follows.
- Using videos
- Infographics and pictures
- Demonstrations
- Sound broadcasting
- And other better attractive ways
Those are common ways companies use to generate brand awareness that in turn bring about business growth.
5. Create a marketing campaign that touches every soul.
Having all other things done, now important thing is to make people aware and get in touch to your products and service. Customers won’t have intentions with your products and services. If your campaigns don’t touch their soul and their needs.
A greatly and importantly better marketing campaign is a key in business. Whether is on social media or in any kind of marketing campaign. Marketing campaigns must grab people’s attention and solve their desire for your products and services to feed their needs.
Online campaigns or digital campaigns are now taking place at high existent compared to traditional ways of reaching customers.
Most companies place many efforts on advertising through the internet. This is due to the increase in the number of people who are using the internet as their source of information, service and a place where they can find and fulfil their needs easily.
Make sure everything you campaign, adds value and touches every soul and everybody who will come across your ads. Ensures that your ads go at pace with people’s needs. Plan wisely your marketing campaigns. Understand wisely the needs of customers.
Do not target audiences who can’t have the power to buy your products or who can’t have interest in your products think about your customers before launching your campaign. Understand customers’ needs and then think about how you can fulfil their needs without affecting their beliefs and their traditional norms and values. That is how you can win a business competition and grow your business.
