Are You Ready For Market Competition?
A lack of competition means that your business is not yet considered a major player in the market. Competition is a validation of your product or service. It means that the business is now ready to withstand the market forces.
Competition is not something that an entrepreneur should be afraid of. At the start, you are the small fish in the aquarium of big fishes. However, to be considered a small-time player is already an accomplishment. Be aware and be ready to face the challenges ahead. Your size as a competitor does not matter. You just need to know when you have penetrated the playing field of competition.
You have started to disrupt the existing market
As a new competitor, be ready to face the market entry barriers. You start getting the attention of the buyers, suppliers, and the existing players. Existing competitors don’t want additional threats. As a new disruptor, you are now considered a threat and a rival.
To remain competitive, identify the major strengths that make you stand out. Find a void in the market and exploit that gap as your competitive edge. For instance, you can market your lower price to counter a high-quality service. Or, you can focus on building your customer support to beat the low price competition.
Innovate to differentiate yourself from others. Make the consumer be aware that you can provide something more beneficial to them. Use the latest technologies to provide cutting-edge products and services. For example, start using big data analysis as your tool to thrive in your industry. Identify the trends then tailor your business to meet the needs and wants of your customer base.
You can now attract brilliant people
A business remains in competition when they have brilliant people. You can start bringing in industry experts. When your brand becomes a byname, getting these competent people is easy. People want to work with a company that disrupts big players.
It is good to consider hiring new people who can introduce fresh ideas to the business. The ones who can streamline the business operations. Those who can scale up and evolve your business. Position them as key leaders in the organisation. They are your best asset to remain in the competition. However, the expertise of these people would mean an increase in your salary expense.
As a new competitor, you will possibly attract people from the major players. Hiring them gives you direct access to what the competitors are doing. However, this makes the competition more harsh than usual. Some companies consider personnel pirating an affront to their business. Use your best judgment before hiring somebody from a competitor. It is still best to remain ethical and professional in managing your business.
You found a repeatable process for success
A business only becomes competitive when they have a repeatable process in place. It means they are already beyond the trial-and-error phase. The business operations are not haphazard anymore. The processes can already produce consistent results. Proven techniques and strategies are used in managing the business.
Remember that process is not a fixed aspect of your business. Your process should continue to evolve as your company grows. It must be flexible to adapt to the fast-changing market. Do not be afraid to revamp your existing strategies. Change your marketing techniques if you think there’s a better way to reach out your customers. To remain competitive, be proactive in updating your processes.
Always be on a lookout for new technologies. Use social media to your advantage. Understand the complexity of internet marketing. Experiment on new technologies and learn to leverage it for your business. It’s either you learn to adapt or you die.
The challenge of business leadership is to ensure continued relevance in your industry. You can quickly go from a disruptor to being disrupted. New players can come in anytime. Never get comfortable with your accomplishments. Always find ways to do things better in an effective and efficient way.
Businesses cannot do away with market competition. Once your brand name has started to gain recognition, it means you are now able to enter the gate of competition. The size of your business does not determine your level of competitiveness. Once you are there, you are now a threat. Be prepared to face the competition head-on.
Maintaining your competitor status is a never-ending challenge. Make sure you have the best people to remain in the competition. Utilise the appropriate technology to your advantage. Prioritise improvement of your product, services, and business processes. Reinvent your business operations if necessary.
To remain successful in any industry, try to anticipate the needs of consumers. Be proactive in analysing your marketing, customer, and industry data. Be a vigilant competitor by being open to feedback and new ideas. It's not enough that you disrupt other businesses. It’s better if you can disrupt your own accomplishments. Be your own competitor. And, never ever rest on your current laurels.