“It’s good to have at least a little competition; it pushes you to do better.
“Don’t bother doing something unless you’re radically different from the competition.”
“Companies that solely focus on competition will ultimately kill themselves. Those that focus on Value creation will thrive.
“If we can keep our competitors focused on us while we stay focused on the customer, ultimately we’ll turn out all right.
‘The ability to learn faster than your competitors may be only sustainable competitive advantage.
‘The harder the conflict, the more glorious the triumph.
“The lessons of competition are lessons for life.”
To Compete, by Pete: Research, Analyze, Offers, Solve Problems, Know, Differentiate, Feedback, Standing, get Personal & Creative, be 1st Mover & Better, Faster, Cheaper !
This question may sound too aggressive. Beating is something that is used in sports & other competitions. However, this is a most frequently asked question from Small Business Owners & Founders. If you succeed in beating your competition, you will have a bigger market share. If you have more market share, you will have more customers. More customers will bring you higher sales & profit. I want to share __ steps that can help you to win the Competitive battle – but not the war – because this war is never-ending process in the business world.
1. Research the Strategy of Your Competitors
I know that you have strategies, tactics, & plans, but you know that your competitors probably have done the same things to compete with you and other competitors on the market. Find out what they are doing? How they approach doing business in your Target market? What are they doing to make their customers happy? These and many other questions can give you the real understanding of your competitors. These answers will help you to build better strategies, tactics, & plans for your competitive battle with them.
2. How much Competitive Analysis do you need?
Collect enough info about your competitors, so you can start making a brief Competitive analysis. With this step, you will identify your most important competitors & evaluate their positions according to different factors. Look for a Competitive Analysis Template that you can use it to do a comprehensive analysis.
3. Compare your Competitor’s Offers to Yours
The Offer is one of the essential elements that differentiate one business from another. Irresistible offer is something that no one can refuse it. Because of that, make a more in-depth analysis of the offers of your most important competitors. Find their advantages & disadvantages. What is better in your offer? What is the most critical part of their offer? What are they trying to achieve with their offer?
4. Make a Better Offer than Them
With all collected information & analysis, make a better Offer than them? Turn their advantages into your advantages and their disadvantages into your advantages. Which of “Better, Faster, Cheaper” can you use – without compromising your reputation or hurting you profits too much?
5. Solve real Customer’s Problems
Talk to present & prospective Customers to find real Customer’s problems, not what you may think they are or what your competition thinks are the problems for them. When you find the real & actual problems that your customers have and solve them they will be probably be grateful to you and become loyal Customers. Start out with the simplest problem, then develop a practical solution that you can offer to them. Next, the next hardest problem. They will probably give you a preference of which problems they want solved. Go for it !!!
6. Know who are your Customers
If you know your customers, you will better understand their needs. There are two negative effects from unsatisfied customers needs: losing potential business from these customers in the present or future. Do a thorough analysis to know how to categorize them and their potential needs.
7. Differentiate our Business from your Competitors
How can you know that your business is different than your competitors? Start brain-storming all vital business aspects that differentiate your business from your competitors with your Team and use them in determining your strategy & tactics. Use them in all your marketing weapons. Use them in all your social media Marketing. Make them shareable..
8. Feedback: let Customers tell you “How your Business can be Better”
The most significant mistake that Entrepreneurs can make is not asking their Customers what they think. Schedule a meeting. They will appreciate your respect for them. Ask what they think about your products and/or services. Ask what they want in the future. Ask how you can improve your business with them. Listen, then implement it. After it’s been going on a month or so, ask them if they like it.
9. Always be Where you & your Competition’s Customers are Standing – Be Outstanding !!!
You should find ways – somehow – to be in-synch with your customers. However, why not be present at the places where your Competitor’s customers are also? If they are on Facebook, let’s your business be there. If they are on Twitter, be there. If they are at specific Trade Shows, be there too. Spy on them yourself or get someone they don’t know to spy and report back to you – so you can see what they’re doing.
10. Personalize your Marketing Messages with your Customers
Personalization of your marketing messages is a part of your overall work on your optimization of your approach (marketing) to customers. You must use different segmentation of your current & potential customers list. For all different types of customers, you must send different Marketing messages that were personalized to their situation.
11. Be Creative
Creativity is directly related to the discovery of new ideas or concepts or modification of existing ideas & concepts. In the same time, it cannot be easily copied from your competitors. You must be unique. It’s part of “Better, Faster, Cheaper”.
12. Be the First Mover in more Things than your Competition
Someone who will be the first in changes, innovation, and improvements of all business processes will become better than the competition and get Customers first. Keep looking for improvement or new products or services – so you get recognized as the Leader in your field. It’s so much better to be the Leader than a Follower. You will attract more Customers – that will stay with you, because they have faith in you – that you will always come up with the latest & greatest !!!
Go for “Better, Faster, Cheaper !!!
The customer determines when a product is better and some common standards of better products include: Easier for customers to use, Lasts longer, Higher quality. More useful & advanced technology, Aesthetically pleasing, More features & benefits
Time is money and if you make the process / product easier, the individual will work faster & better – which also saves $$$.
Easier, better, and faster practices will lead to cost savings. Cheaper products are the result of: Products made only when needed—no inventory glut [Just-in-Time], Cost savings introduced in production, Customer-centric design process for improved satisfaction & less returns [RMAs], Simplifying the manufacturing process, Innovation that leads to improved production & products, Labor & Raw material costs reduced, Inventory holding costs reduced or eliminated, Products produced correctly the first time (ie, Zero Defects goal)
Conclusion: However, it is important not to forsake easier, better, or faster simply to obtain cheaper products. Never sacrifice quality or safety. If you simply get the first three concepts down, cheaper will follow naturally.