One of the least convenient aspects of running any business is that other businesses are well within their rights to compete with you. It turns out that a game of soccer is much easier when you don’t have another team to play against. That being said, this kind of game is unlikely to draw much attention.
In fact, sometimes, having competitors can help you optimize your operations and get the best out of your brand. Think of how Samsung’s Android line and Apple’s iPhone line repeatedly steal features from the opposing side, it’s ultimately the consumers that win as both firms are pushed to innovate and compete.
Unfortunately, when a new competitor moves onto your commercial turf and would be more than happy to take all of your market share, those insights may begin to seem like platitudes. So – if a competitor has moved in, how can you avoid losing customers more interested in the shiny new kind on the block? Let’s discuss a few worthwhile measures:
Strengthen Customer Relationships
Now is a good time to reconfirm commitments, offer more value, or remind customers of all the value you’ve delivered to them over the years. This isn’t to guilt trip them of course, they are free to try your competitors as much as they like. But it’s good to remind them, through subtle means, that you’re still a major player and reliable. Returning discounts, a new service or product launch, wider capability like delivering to surrounding areas, all of this counts. You don’t have to reinvent the wheel, but actionable outreach can help.
Monitor Competitor’s Moves
Of course, many firms focus on the essential elements of structuring their brand from scratch, such as starting to design their brand image, applying for an EIN for tax purposes, and hiring starting services. But it’s worth considering how they try to penetrate the market, what market they go for, how they price, and also what kind of measures they take to counter you. You can do worse than counter-pricing, many supermarkets do it, but researching and viewing is important to make decisions with all the information in tow.
Greet & Network
Of course, it’s good to speak to another small presence from a welcoming vantage point. You don’t have to commit five-dimensional chess to push them out of the market, odds are you’ll both compete in a friendly context and support one another if you try. It’s not uncommon for similar restaurants to ask to borrow stock from one another when needed if they’re low on a certain item for example, or to ask with help planning events, or to run cross promotions. Getting started on viewing them as an ally helps boost you both. It sure makes a different than taking any other presence as an adversary, and it’s a nice to contribute positively to that environment also.
With this advice, you’ll certain to manage competition moving onto your turf in the best possible way, handling ll of the angles with dexterity.