subject: Best Tips To Handle Business Competition [print this page] If you want to dominate a certain niche in business you should always keep in mind how to stay on top of the competition by watching your competitors every move. You need to do a lot of benchmarking to see how they perform, keep their fees and other overhead costs at minimum, their quality of service superb and their prices for their products at a very affordable and enticing to everyone. Most importantly, you should know how they play their cards in terms of their marketing.
I have listed below the things to keep in mind to stay on top of the competition.
1.Know the types of your competitors and who they are. Your competitors may either be direct or indirect businesses. First and foremost, know your small business competitors. Direct competitors are companies which sell the same products and services like you do in the same area or market like yours. On the other hand, indirect competitors are those who sell the same products and services to a different area or market. You may either opt to go neck-to-neck with the company dealing with your area or do business actions to dominate other areas of your indirect competitors.
2. Execute a thorough SWOT analysis. Knowing the Strengths, Weaknesses, Opportunities and Threats of your competitors to your business will give you a better picture of what needs to do. You may also buy shares of stocks from leading competitors to have a copy of their annual or quarterly reports. You will also be given a heads up on what the future business plans may be. With all these information in hand, you will know what the next moves for your own business are as well. You may opt to divert to a different direction or niche or make marketing ahead of them too.
3.Be updated with the help of the internet, newspapers and other news vehicle. You have to open your eyes on whats happening to other companies and being in the loop you have to be subscribed to the internet, newspapers and your community. You will learn how other market their products and services online and offline too. Observe different banners and other promotional materials given to you and see what leaves a good impression to clients and try to imitate or beat it.
3.Join different social and professional associations. Embarking on groups like this will educate and nurture you. This will also give you new contacts that will give you valuable and crucial information about your competition. Remember business is all a matter of great contacts.
4. Keep an open eye on future competitors. You should always bear in mind that as you do your benchmarking to other competitors; some companies are also on the look-out to your every moves and some of them may not be in your same niche. However, they may get the spotlight and copy your products and services as well in the future. Future competitors may also be one of your suppliers that is attracted to your way of business hence; there is always a need to keep things sacred and secret. Business formulas and other matters should remain confidential so you wont be surprised of other business moves imitating yours.
We are still in a financial fold-up and if you want your business to keep afloat or lead the competition, you should always utilize your small business resources in all aspects.
by: Bell Albino
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