7 FORMULAS TO BEAT YOUR COMPETITION
Today, conquering a market can be a lot like a medieval battle, where your business, and that of your competition, fights to win territory. In this context, the formulas to beat your competition are reaching great importance.
Having a good business idea can be relatively simple, but getting it started and standing out from your competitors is a much more complicated task. With the fierce competition that exists in any sector, and the economic crisis that plagues the world, only a few manage to beat their rivals and survive in the business world.
All companies have the same objective: to put the customer in the pocket. Being able to literally eat away at the competition is one of the challenges that any business faces, regardless of its magnitude, but who doesn’t need an enemy to get stronger? What are the main formulas to beat your competition?
BEATING THE COMPETITION: HOW DO I SPOT MY COMPETITORS?
Being ahead of our competitors should be the main objective that we set ourselves as a company. But first, we have to determine what is the competition that we face to take over a specific market niche.
WHEN WE TALK ABOUT COMPETITION WE ARE REFERRING TO THREE TYPES OF COMPETITORS:
EXISTING COMPETITORS
They are the companies with which we coexist and offer services within our same business scope.
POTENTIAL COMPETITORS
They are the companies that are not yet within our niche but that could be. This type of competition is one that tries to find competitive advantages to gain a foothold in our field.
SUBSTITUTES
This type of competitor is one that, through a different methodology / service / product, offers the same results as us.
To detect our competitors, it will be enough to carry out searches for which we want to position, for specific keywords. Based on the results and the first positions, you will understand which companies you are going to compete with may be.
Once you are clear about the 4-5 brands that compete in the same environment, analyze what they do well with respect to you, and what you could do to differentiate yourself about their work.
Finally, make a positioning map. Based on two variables such as the quality of the information and the positioning, draw where you are; where you like would to be; and where are your competitors.
THE 7 KEYS TO BEAT YOUR COMPETITION
Once we have determined what our environment is and what we are going to find when developing, it is time to know how to differentiate ourselves and succeed. Discover the 7 keys to beat your competition and get the best results.
BRINGS SOMETHING DIFFERENT
Novelty is always the key. Doing something differential, that is useful and meets an unmet need of the customer is a guarantee of success for any business, whether related to the online world or the offline world.
INNOVATE
A sector in crisis should not be an obstacle if you have a good idea. Don’t be afraid to take a chance . If you are clear about a new concept, go for it and manage to distinguish yourself from the rest.
CONQUER THE PUBLIC
Capturing the customer’s attention and gaining loyalty is a fundamental part of the formulas to beat your competition. It is not enough to be a pioneer in a sector to succeed, but you have to do things very well. The customer must be our main concern. Learn the best techniques to retain customers and differentiate you from the competition.
DIVERSIFY
Expand your range of products and services. Seeking to captivate an audience that is not your target is another of the formulas to beat your competition.
BE SOLVENT
Beyond the product or service, if you really want to overshadow your competition, never lose your income and expenses account, it is the thermometer of your company. Having a healthy balance sheet (to be able to boast about it) is the best guarantee to earn the trust of customers and be the envy of your main competitors in the sector.
COMMUNICATION
Even if the product or service you sell is of quality, you will need to know how to sell it. Learn to sell what you have in the best possible way. Design an advertising strategy, supported by online and offline campaigns, to achieve a direct impact on users and achieve a brand in a short time.
Parallel to these actions; define a content strategy that helps you position yourself organically in search engines. In such a way that you begin to have a greater presence in the searches of your users.
FEAR IS FOR COWARDS
If you have managed to succeed in a certain sector, even if at the time of creating your business you had no competition, you are going to get competitors from under the rocks. In this case, it will be practically inevitable that they will copy you. Do not be afraid, you take advantage of them, even if you do not relax either. Try to face new rivals by betting on a very solid innovation strategy that allows you to be one of the market leaders.
In your hand is the decision about in which position you are going to fight the battle. Or you are the leader, the one who sets the pace, and whom the competition constantly seeks to copy; or are you the one who defends himself and fights to survive. The key is in innovation and creativity, without them any company will be condemned to more absolute ostracism. Are you a wolfhound or a lamb?
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