Often you hear people talk about protecting their new ideas. Do not be too extreme that you are not able to even bring the idea to life. Fact is whether an idea is new or old you will always have competition once it is brought to life. What you just need to do is to know how to deal with Competition. A healthy competition is encouraged because it will help you not to be stagnant, but creative and growing.
Five ways that will help you in dealing with competition
1. Do it many times better
It is useful to always check and follow what your competition is up to but that does not mean do it similarly as them. You are allowed to add the elements missing that will improve and gain you more recognition. Remember you are both fighting for more customers/clients therefore this should give you an opportunity to become creative and add valuable ways that will attract more clients for you. Your ways of marketing for instance. If your competition is running a promotion, you can run it too but your way of doing it must sound better and appetising so that it can serve the purpose. Obviously this should not be done in a way that you compromise on your revenue. Be careful, creative and calculate the risks.
2. Be one step ahead
While you checking on your competition, make sure you find their mistakes and develop a solution to it and introduce it into your business. You need to provide solutions to customer before they even ask questions. Your competition’s errors should motivate you to do even better.
3. Do not be too much of a Copy Cat
You should also not concentrate and spending too much time on your competition, because that will block your creativity. You might find yourself copy each and every concept of your competition and that will say to your customers: You are not original. Then some trust issues might arise as well. Be more creative in your business and do not fear to be unique.
4. Offer better customer service
It doesn’t get any basic than this. Smile, be polite, build relationships with your customers and respond to complaints quickly and calmly. It might be difficult thing to do at times but remember your source of Business Income!
5. Better payment options
You can create an environment that will accommodate both cash and credit type of clients. But be careful not to affect the rapid flow of cash. You can choose to have types of payment terms in place that will help you control your cashflow. Different options of payment will help you having a greater edge over than your competition.
By Miss Dee on behalf of Matsobanemetja Business Consulting – Coaching Division
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