How To Deal With A New Competitor
6 Tips for Dealing with a New Competitor on the Block
1. Don’t Get into a Price War - Cutting prices to retain customers or distract them from “opening offers” from your competitors is a game you can never win and has a number of consequences.
2. Zoom In on Your Niche - Face facts. You can’t expect to hold on to every customer. Accept it and focus your energy on identifying your ideal customer and developing a plan to win your share of that niche.
3. Assess Your Competition and Fill the Void - Get to know your competition. What are they doing differently? What are they good at? What are their weaknesses? The latter is important because it gives you an opportunity to step-in and step-up your game in these areas.
4. Seize the Opportunity, Be Unique - Even if you offer the same products and services, you are never going to be the same as your competition. This is where opportunity lies. If you are facing competition from a bigger brand, remember that there is something very unique and marketable about being a small business – that personal touch, your agility, your passion, your business values, and so on. Use it to your advantage.
5. Stop the Bleeding - If you are starting to see customers leave your business in droves, then it’s time to review your business strategy. There has to be a reason why they are leaving your business. Identify what your customers are seeking that you aren’t able to provide. This will involve looking at all areas of your business – your location, your products, your staff, your brand, and so on.
6. Once the Dust has Settled, Consider Co-opetition - What is co-opetition? It's the gentle art of cooperating with companies that might traditionally be considered your competition. Co-opetition means teaming up with complementary businesses to market your companies together. Done right, it can boost business for both of you.
Read the full article at: http://www.sba.gov/community/blogs/community-blogs/small-business-matters/got-competition-6-tips-dealing-with-new-compe
Patty Block, President and Founder of The Block Group, established her company to advocate for women-owned businesses, helping them position their companies for strategic growth. Charting the course for impactful, sustainable, profitable businesses, the beacon is control: of your strategic direction, your money, your time, your staffing, and your ability to bring in business. The Block Group brings together the people, resources and ideas that build results.
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