How to beat competitors
Video: 5 Ways To Beat Your Competition | Outshine Competitors Without Saying A Word | Signal Strength 2024, July
In the market sphere there is competition. In some types of business, it is especially pronounced, in others, where the market share is divided approximately equally, it is almost invisible. But in any case, in order to successfully develop and increase your profit, you will have to have at least some competitive advantages. How to get around your business rivals, and what strategies are best used in competition?
You will need
analysis of competitors, knowledge of the target audience and the needs of its representatives
Instruction manual
1
Use a price advantage strategy. As a rule, competitors can be quickly circumvented by offering consumers goods of similar quality, but at lower prices. This can be done thanks to various technological innovations, the use of cheap labor, and cost reduction. However, in this case, it is necessary to assure buyers that the goods are of good quality, without factory defects and not expired. And for this you can conduct promotions, tastings and various events related to the presentation of this product.
2
Use a customer differentiation strategy. Here it is necessary to find a category of buyers whose needs this company can satisfy better than its competitors. At the same time, it is important to properly organize the service, transform the product, improve its design or quality. For example, you can offer free delivery of goods to retired customers or a gift to students when purchasing this product. In other words, it is necessary to formulate such a feature of the business that would become a good reason for buying for the selected category of customers.
3
Use a focus strategy. In this case, when developing a business, it is important to pay close attention to one characteristic of the product or the sales process. For example, you can promote the quality of the product, its ease of use, durability. And you can advertise your business as the sale of exclusive goods, the quantity of which is strictly limited. It can be luxury furniture, Japanese sushi sets, fabrics from Italy. Often, the focusing strategy is compared with the intermediate link between the strategy of price advantage and the strategy of differentiating buyers, since it combines the advantages of both methods.
