Competition is a big part of today’s business and without it innovation and business development would be stagnant. One of the biggest necessities modern business owners needs is awareness of what their rivals next move is going to be. Many of today’s biggest companies implement strategies to out compete their rivals whether it’s between Apple and Android phones or Playstation 4 and Xbox 1 game consoles planning ahead is key for a businesses to survive. Sometimes though competition can be fierce and other competitors might instead try to replicate your business’s strategies whether it’s your sales strategy or social media strategy which can be frustrating so instead of getting upset there are ways you can deal with it.
Be original but appreciate imitators– Originality is takes work but imitation is easy. Many business would copy the strategies of other businesses if they see it’s working. Even though it’s a nuisance when the competition across the street copies your website design or decides to offer the same discounts as you it only means that they cannot come up with anything that works but you can take it as a compliment. It is also important not to be complacent with your business’s goal strategies and always come up with ways to innovate so you can be the envy of other businesses.
Be different– The one thing that Pepsi, Coca Cola, Cott and Jelt Cola have in common is that they all sell the same thing …cola! However only two of them are household names and the other two are lesser known. That may be because both Pepsi and Coca Cola have stronger more expensive brand marketing strategies but in general trying to differentiate your product from the rest makes your product unique and easy to identify whether it’s through physical graphics or using catchy slogans. Establishing a niche market is also important because you don’t have to market all your product to everyone but some to your target customers . Niche markets let you know what your strengths are so you can dominate in that particular market.
Change your perception– More competition means you’re doing something right. As said earlier many businesses like to copy from their competitors and if more and more businesses are entering your industry it means you were on to something profitable that everyone wants a piece of. Competition also encourages new ideas and business concepts to use which helps in the long run.
Share with others– Fact of the matter is not many businesses can handle the total demand from the market because you can’t meet everyone’s needs. Sharing the market actually relieves stress from you having to deal with hundreds of customers instead of tens of them. If you were the only restaurant in town you’d probably be working close to 24/7 shifts which is a nightmare.
Lastly not everyone wants to compete– Not everyone that works in the same business wants to compete with others in the same business. Focusing on using your efforts to compete other businesses would probably miss out on your chance of creating a partnership. No one business can handle all the demands from customers if they are the only ones in town. Sharing your customer base and working together could prevent both businesses from being overburdened with work and creating a partnership would benefit both businesses.
When it comes to business it”s important to be watchful of many things competition being one of them. Although it is stressful trying to come up with ways to deal with rivals competition brings out creative ideas and innovation that would attract more people. Even though imitating others is a smart idea many times being original and finding you’re own way is can help set your business apart from others and not all businesses want to compete so learning to work with your competitor can allow both of your businesses to prosper in the future.