Competition has led to innovation in business. Since business owners have been looking for different ways of being unique and accepted by customers, should you decide to start a business, a study of your biggest competition, becomes essential. It gives an insight not only into that particular company or organization but into the industry segment as a whole as well.
Things to look for are: how has he achieved a space in the minds of your consumer? Where and when does your competitor locate these prospective clients? What unique selling (or buying) point are they offering? How do they interact and engage with their existing users? And so on…
Although the word ‘competition’ tends to come with a negative connotation, it depends entirely on the viewpoint you choose to take. For instance, you could either enter the loop of competing with an organization by comparing yourself to them, or by learning from them.
Our personal understanding (and with numbers to back up) is that there is a huge market out there. The ratio of demand and supply is always see-sawing, and it is the one who acts fast, that stays in the lead. On that note, if you look at the concept of the competition once again, things will seem different. All your research could help you understand what it is that you are offering that is different from them. It could direct you towards finalizing your tone of language be it direct, conversational, or include an element of fiction via storytelling.
Healthy competition is favourable to facilitate innovation and expansion of the horizons of doing business and growing together. Here are 4 ways in which you could use competition to your advantage:
- Make things convenient: Every time a consumer or prospective consumer for your product or service comes in touch with your brand, it is important that they experience a seamless interaction. Things like a slow loading speed on the website, or images that do not load in time, and so on are minor but immensely critical things to keep in mind while interacting with your consumers. Do not let them become a road block to your business and brand.
- Generating a USP: A market that is loaded with products with a bare minimum difference of just the name gives consumers enough options to choose from. Having a distinct USP would keep you a step ahead, ensuring that decisions that others take (especially from a price perspective), do not impact you as a business.
- Deliver Value: With changing times, the need for new products arises. As a business, it is imperative to have a macro vision of providing what your consumers need so that you can deliver true value to them when they need it.
- Keep innovating: Getting consumer attention could be an easy task at first glance. However, with everyone vying for the attention of the same target audience, innovation in your communication strategy can help you sustain the attention of your target audience.
- Care for customers: For the long term, business-consumer relationship, genuine care and concern is a must. A strong consumer support backup does the job if done correctly.
In current times, research has been given utmost importance as it is backed up by a competitor’s strategy, consumer insights, finances, and statistics. If you are a startup and are looking for ways to channelize your business, work on your research, and you have won half of your battle. Your business will attain stability as time passes by, provided you keep an eye on your competitor next door.
