Has new competitor come in your business run? Have To feel any risk for your business? How to compete your competitor to win the race? This are few question that business need to analysis on regular bases. It needs continuous communication with market to get informed for the new competitors and new products that can be risky for it.
There no hard and fast rules for it but, yes it need proper investigation and planning to cover this situation to make stable condition at the market. Here are some tips that can help to get energy to beat competitor
Don’t Cut Your Price:
Lowering you prices sometime works when customers gain attraction due to sudden decrease in price. It can be a game but does not make sense in business; it could work as long because if you face another competitor with your matching low prices then you will need to cut it again and again. At the certain stage your product will not taste you as sweet. Make proper strategy to overcome this situation. If you cut you price then it will be difficult for you to come back at the previous price. You can get the attention of the customer by offering them some special discounts of offers. Special offers also become the reason to attraction toward your product.
Summarize your Business Facts:
If you products are losing the position in market day by day and customers are shifting toward alternative products. Then you need to review you business fact,
Analyze your business by making list of all facts. If you find any ignorance by your side then you need to kill the root of the problem as soon as possible
Zoom In Your Competitors Activities:
If your competitor is getting over your nerves by pushing you back in a market competition then there is something unique and different that he is doing to grab the attention of you customers. Investigate your competitor all activates at market, check him by this
Try to find the weakness of you competitors, and after handing over them punch them back.
Rare Can Dare:
Now it’s a time to jump into war of competition, make marketing and operation plan as soon as possible. Ask you marketing team to take round of market at regular base and collect the customers demand and competitor activates. Call productive team to plan for something new that can surprise the customer, get some unique suggestion in meeting and try them put in action as soon as possible. At this point use the weakness of the competitor, which will take to the winning stage of this competition.
Once You Won- Don’t Forget To Warn:
After coming back again to the position in the market, don’t think that a battle field is empty with competitors. May be you have to fight with another competitor stronger than last one. Make your planning of progression for long term. Build your future plans at strong and strategic ground which warn the competitor not to fight with them again.