5 Hacks on How to Handle Competition in Business

business competition - cfamedia

Sometimes ago, there was a fracas, between some top banks in Nigeria, as each, tried to aim subtle digs at the other, on twitter.

These top banks were fighting for one thing and that is more customers.

Understanding the intricate pattern, of how to, successfully, navigate a competitive market will give you an edge, over other competitors, in the ecosystem that your start-up, seeks to dominate.

Top organisations have been able to stay ahead because they have identified their competitors in the ecosystem.

This has forced the organisations, to keep coming out with innovative ideas and taking their game, some notch higher.

On daily basis, lots of businesses spring up that offers similar products and services that your start-up offers, albeit, in a different format and if you are not careful, you can be swept off the market.

Staying ahead of the game is, one of the prerequisites of keeping the start-up floating and how do you stay ahead?

This piece on business competition hack seeks to help start-ups to understand the dangers, of ignoring your competitors and how to defend your market position, from other competitors, thus, giving you an enormous competitive advantage.

These strategies to handle competition in business include the following:

Never Ignore Your Competitors

During the 1990s and early 2000s, Nokia was the dominating factor in electronics and Kodak dominated camera-related products, but fast forward to today, these two tech titans are no longer the forces to reckon with, as they have been disrupted and edged out of the market.

One factor that contributed to their fall, was because, they fail to understand emerging technologies and they, flatly, ignored their competitors.

Android came out and dislodged Nokia.

Kodak ignored their competitors with levity and they paid dearly for it.

Always be, on the lookout, for your competitors. Carry out research, on everything that concerns them and chart out ways to, either, edge them off the market, or, stay ahead of them.

Have A Clear Understanding Of Your Customers

Understanding the buying pattern of your customers will, also, give you a clear edge, in a competitive market.

Many marketers have failed to, clearly, employ data, to track down the buying patterns, of their customers and this has cost organisations, to lose customers, to their competitors.

Different things can propel a customer, from patronizing what your start-up offers and to know this, you have to keep communicating with them, through emails, SMS, social media channels, etc.

Be On The Lookout For New Markets

Do not be contented, dominating one market. Always be on the lookout, for new markets and spread out your tentacles.

If your start-up has, successfully, dominated a specialised area, like servicing teenagers, move ahead and create a new market that involves adults.

Test the waters and see how far you go. This innovative way will ensure that your competitors will find it, extremely, difficult, to match up with you as, keeping up with you, will become a problem for them.

Never Ignore Your Existing Customers

The perfect marketing strategy is, to keep your existing customers happy.

Sometimes, the old customers, are the ones that will initiate a new customer, to the products and services that you offer, so, it is, extremely, necessary that you keep them contented.

Find a way to tailor your new product development, to the taste of your existing customers.

Pay Attention To Your Team

Organisations fail when they ignore their team. The success of your start-up will never be complete, if you fail to give credit, to your staff that has worked, tirelessly, to see to the success of your organisation.

When you fail to pay attention to your team, other competitors will poach them and you end up losing good talent.

Find a way, to let your employees be happy, by investing in their professional development and give them the opportunity, to always take ownership, of their work.

Are their other business competition hacks that you know, let us know in the comment section below

Featured Image: kabbage

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