It used to be easy to assess your competitors in business, especially when you were just starting out. They would all be located in the same area as you; it was easy to see what promotions they were offering and how you could compete.
But in the modern world your competitor can be anywhere across the globe. Individuals can establish companies at the drop of a hat and massive corporations can saturate any market they choose.
Know Your Product
You can’t sell your product unless you know it inside out. This means using it, finding its flaws and fixing them. The aim is to have a product that does what it’s supposed to and does it better than anyone else’s.
This means purchasing your competitors items and evaluating them against your own. You are looking to have a product which is the best.
But that’s only part of it. You also need to understand what the product could do that it doesn’t. This will give yours an edge.
The way to find out about this is to look on social media sites and forums. You’ll find honest opinions and see the frustrations people have with specific products. You can then incorporate them into yours.
Using Social Media
FaceBook is thought to have 2.07 billion users. No matter how competitive the market is there are still people that can be reached through the power of social media.
You will need to create a business profile and start talking to potential customers. Offer a select few a free trial or discount providing they post pictures and honest feedback on their social media sites. You should be confident enough in your product to know that the feedback will be positive. If not you can take action quickly to resolve it.
This method will put your product in front of thousands of potential customers and should get a good response.
Perhaps most importantly you need to be prepared to be unique and stand out from the crowd. This starts with thinking about what you value and how these values will be reflected in your business and the products.
You can then promote your business based on these values. In the process you will be creating a brand. Providing you always adhere to the values you set people will start to believe in your business and consequently the products.
By marketing them your business you can create an audience which will be interested in every product you make before you even advertize it. If you reach this stage the competition will be worrying about you, not the other way round.
Starting and building a business takes hard work and dedication but with a little luck and a good business plan you can not only grow in a competitive environment, you can be the market leader.