No matter what industry you are in, running a Business Competition is indeed quite challenging. Not only do you need to define a strategy for managing human resources, creation, and operations, as an entrepreneur, you also need to know how to experience business competition.
Large-scale entrepreneurs, with large capital strengths, will definitely make it difficult for MSME owners to compete with them. In other words, we can understand that
Although competition seems like a negative thing for a business, in fact there are various advantages that can be utilized from it, you know. Yes, the challenges you are facing can even be turned into a way to experience strong business competition.
There are various positive sides of business competition that you can use as a “weapon” against competitors. Anything? Let’s follow some of the powerful methods of experiencing business competition on this basis!
1. Know your competitors
Knowing who your competitors are and what they have to offer can help you make your products, services, and marketing stand out. This method of experiencing business competition will allow you to set prices competitively and create competitive marketing campaigns.
By identifying competitors, you can create a marketing strategy that uses competitors’ weaknesses. Not only that, you can also take into account any potential threats that come from new entrants and current competitors. Thus, you can act realistically about the chances of your business success in the midst of today’s booming online business.
2. Get to know your customers
Do you understand that as many as 80 percent of businesses don’t have enough information to build an efficient marketing campaign?
Most marketers do recognize the buying patterns that customers try, which is definitely worth researching. However, there is actually a lot of other data that you can dig up to correct your business promotion strategy.
The trick? Get to know your customers more deeply. Build a good bond between your business and customers so that they can be loyal to your brand even if they only make a few purchases.
For the leadership of YesMail Interactive, many marketers ignore and don’t use the information that is “in front of their eyes”. Most importantly, data related to social activities that share knowledge about the time of purchase and product search.
In this regard, you can get information and insight about your consumers through sales applications, GoBiz is one of them.
3. Understand the atmosphere and conditions of Competition
What is the method of controlling the competition? It means to start by checking the market.
First of all, pay attention to what competitors are doing carefully and carefully. Are they so close to the customer that they push for a sale? Do they have a unique and creative method of promoting the brand?
Second, look at things that competitors don’t try. Look at it as an opportunity. After that, try to build a strategy so that your business can fill these opportunities.
Competing with other businesses does not have to be tried by imitating methods. You can generate comparisons or uniqueness that can be used as a brand advantage in the eyes of customers.
4. Show the uniqueness of your product
The uniqueness of the product can set you apart from the competitors. That’s why you must ensure the uniqueness of your own product. One of the best methods is to survey competitors, for example by identifying their uniqueness and how your business can stand out.
Start by dismantling the problem for the customer. For example, if you run a coffee shop business, think about the problems that consumers might experience. It could be that one of them is the difficulty of customers to enjoy coffee in the midst of their mobility.
From here, you can serve coffee in a package that is easy to grip and carry anywhere, so that customers won’t have trouble enjoying coffee while walking though. By displaying the uniqueness of the product, you will be able to experience business competition in the midst of the rise of online business.
5. Carry out a business opportunity analysis and determine the target market
So that your business can last a long time, you need careful planning in advance so you don’t want to worry about determining the next step. That’s why you need to do a business opportunity analysis and determine the target market as a way to experience business competition. You can do this through studies of consumers and competitors.
Consumer studies can be tried with the online survey method. The benefits are many, you know, ranging from helping you identify customer attitudes, whether your business is needed, to how many customers you can reach.
Meanwhile, a study of competitors helps you create challenges in the field of business you run. So, conducting a business opportunity analysis and determining the target market will provide a description of the state of the market and the ability of your business to develop in the future. In this way, you can also determine the target consumers and strategies to compete.
6. Pay attention to old customers
The new market segment is indeed tempting. Especially when the business is ready, the new market will bring promising profits.
However, don’t forget the customers who have been loyal to your brand! When diversifying your market options, keep some aspects of marketing in mind that could be beneficial to your business in serving existing customers.
One option that must always persist to support loyal customers is product development. They should introduce new products or even better products to them.
Continue to develop existing products, such as well-known ingredients, so that you can commit to doing the best for existing customers. Through product development, businesses are also able to outperform competitors while satisfying loyal customers.
7. Explore collaboration opportunities
Cooperation opportunities are well-known among entrepreneurs. The majority of businesses try to approach other businesses in the hope of gaining new consumers or markets.
An example of a collaboration that you can try is attracting a well-known artist to create a special edition of your product.
This mutually beneficial cooperation will help each partner to generate opportunities that were previously unattainable.
Need to remember! When thinking of collaboration, think of the things that your efforts will need to be more successful first. After that, then play with opportunities that are still open.
8. Always innovate
Today’s marketing methods have shifted to the online world. Not that the old methods are out of date. However, if you don’t act innovative, you will find it difficult to compete with competitors.
If you are unsure what innovation you need to pursue, you can seek inspiration by reading novels or marketing posts, watching popular YouTube channels, or exploring trends on social media.
You can also try to look at industries that have been around for a long time to pursue their innovations. How can they survive without being out of date? What are the ways to experience their business competition?
Do they have policies that keep businesses innovating and growing while they fulfill their customer responsibilities? These kinds of questions will help you to master the logic of innovation.
9. Take advantage of digital marketing
Unlike television or print advertising, digital marketing allows you to carry out personalized promotions. The main advantage of digital marketing is that targeted customers can be reached in a cost-effective and scalable method. Other benefits include increasing brand loyalty and encouraging online sales. Even if your business is offline, online promotion is always a means to try to attract customers.
10. Build an attractive website
The way to experience business competition that is no less significant in the digital era is to create a website. A well-designed, user-friendly website, sharing informative and quality content goes a long way in building customer confidence.
Also make sure your website has interesting content. Without content, the web is nothing more than an advertisement. This is definitely not an efficient online promotion strategy. The main goal of the web should be to generate an online source of energy for the audience so that it not only attracts customers, but also shares what they need.
Methods for Experiencing Business Competition: Leverage Digital Growth
One other method that should not be left behind is exploring digital technology trends. After all, these ways to experience business competition always need to be complemented by this ultimate method. Remember, your business can be successful if you can use the latest technology.
One of the business technology innovations that you need to try is optimizing cashless payments at your outlets.
Make sure you offer convenient, easy, and safe payment options with GoPay which will make your business operations easier, buying and selling transactions will also continue to be effective. Your business can accept a variety of the latest payment methods. As a result, you and your customers will also be safer together. Instant!