“If you're not making mistakes, you're not taking risks, and that means you're not going anywhere. The key is to make mistakes faster than the competition, so you have more changes to learn and win.”[/i]
Competition can be either good or bad it is your point of view and perception. [/i]
What can be done to make this competition irrelevant !
Stop benchmarking the competition.
Create an innovative product.
Without one, you won't differentiate your product enough from your competitors' and you'll end up once again playing by their rules.
Offer your product at the best value you can.
Your product can be the most innovative thing since the wheel, but if no one can afford to buy it, it won't sell.
Design your products for new customers, not your existing customer base. This ensures you are targeting a different part of the market and makes your competition irrelevant.
Focus on the moment of truth, the place or position that your products or services will be offered to the customer. In a retail environment this may be the end-cap, a wall display, shelf space or a counter display.
It could even be part of an email communication. Occasionally the moment of truth may be in the form of a bid or proposal after several months of discussions with a potential client. The moment of truth is the moment that the customer has an option to make a purchase decision, to buy your products, invest in your services or hires you. This is the moment that you need to put your good, better and best foot forward.
Using the foundation established with your 'good' offer, add something more for a slightly higher price. The customer value should be easily distinguished and highlighted as more significant than the slightly increased price.
Show them your best. It should also have something in common with the original "good" option and the "better" option, but the third and final option should be recognizable the best you have to offer. The price may be significantly higher than the other two options, and that is fine. Demonstrating a significant leap to a higher price point for the top of the line option will help to differentiate the cost value of the other two options
For each option that you present to the potential customer, provide a value proposition. Your value proposition should be something that can be conveyed in three to five bullet points, three to five sentences, or spoken in thirty seconds or less. You should be precise and succinct. Present the value proposition from the customer point of view.
The unique selling point of your business may be the sole reason why customers return. It creates the identity of your company, products and services. Instead of trying to imitate your business competitors, you should broadcast and make your marketing messages dwell on your unique selling point.
Unique selling point of a business plays a crucial role in word of mouth marketing and it is often used to answer why someone should choose you instead of your competitors. If you went ahead and start imitating your competitors, you are going to leave a special something for your customers to brag about to their friends.
Customers are always looking to get more than what they are paying for. To enhance the relationship between you and your customers, you need to brainstorm for ways to add value to products and services that you offer.
If you are in the consulting business, you can consider offering some go green or energy saving tips for free. A retailer can offer home delivery or follow up after a sale is made. Most business owners don’t realize that good customer service is actually a great way to add value.
A new product idea, marketing strategy or cost cutting measure will breathe fresh air into your business and move it far ahead than your business competitors despite the 7 Reasons Why Innovation Sucks. I know innovation don’t come easily but as a business owner, you should look for them.
Instead of trying to get rid of each other, why not combine forces and get better results together? Sharing of business leads, cross promotions and collaboration of expertise are some activities that you can propose to your business competitors for a joint venture.
Joint venture can also mean collaboration of the all industrial players. If your nature of business is related to an organization that helps to promote the industry, promotional events, conferences and meetups can be organized to boost the viability of the industry as a whole.
Strategic alliances can be set up with enterprises that are outside but somewhat relevant to your industry. For example, both parties might be targeting the same market with products that are different in nature.
Cross promotion can be done through different ways such as coupon giveaways, product packages offerings that complement either businesses or booth placements at partner’s locations. Customers are more likely to give new things a try if it is backed by an existing business that they trust.