And, how exactly are you going to face or fight that competition? What is the planning strategy that you are going to adopt to beat the competition? Here are a few tips, hints, and strategies just for you – to fight the competition and emerge the victor.
You should learn to pamper your customer and treat him like a king. Each and every customer of yours, no matter whether he is big or small, is important and so treat him like a VIP. Listen to what he says, hear his suggestions, and act on his complaints. A large company can afford to lose a couple of clients, but a small company cannot afford to do so. Build relationships with the customers and strengthen the loyalty of the existing customers. You could come out with loyalty programs to pamper the old and regular customers – give out gifts, gift vouchers, discounts, freebies, and other schemes for your loyal customers. Choose a meaningful scheme that would impact and impress your customers and not something cheap. It would be better not to offer anything at all rather than offer something cheap.
You could consider forming a cluster of businesses of the same category to fight the competition of the bigger companies. You can team up either for buying supplies, or for procurement of the raw materials which will help you in getting materials cheaper, or even for the purpose of sharing the cost of marketing.
Treat your employees with love and affection, and treat them right, for you should remember that treating your employees properly is very important for the health of a small organisation. It may be difficult for you to find experienced, good, and honest employees. If any employee leaves your service, there wouldn’t be any other person to fall back upon. And, even if you do, it would be an untrained and inexperienced person on whom you will have to spend a lot of time and money for training him.
Make optimum use of the available technology and see that your firm updates itself with the latest ultra-modern methods. Making use of the latest and most up-to-date technology is a sure way of increasing efficiency of the organisation as well as streamlining the entire system.
Ensure the publicity of your product and do take care to see that all the salient features of the product are highlighted. Do mention the superiority of your product as compared to others. Make it a point to analyse your target market and take a look at the areas of competition. Remember that your target market is a select group of consumers to whom you offer your products or services. Competition is inevitable and you should not be afraid of it but learn to use it as a stepping stone or a learning tool. This is the time when you can make a comparative SWOT analysis of your product and your competitor’s product to determine your individual strengths.
It is a proven fact that whatever be your line of activity, you are sure to face a lot of stiff competition in your line of business. It can only be through competition that we can improve the quality of your products, and if there were to be no competition, it would be only monopoly. If monopoly were to persist, the quality of the product is sure to take a beating.
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