5 Ways to Overcome Competitive Threats in Business

Total
0
Shares

I expect you as a business owner to be proactive if you want to remain relevant as far as that area is concerned. Expect to be relegated to the background if you fail to do necessary things that could make your goods/services measure up to current reality.

These are parts of the mistakes some entrepreneurs continue to make overtime over time, many firms have either fallen by the wayside or suffered greatly.

Ingenuity they say is the mother of all inventions, you need fresh ideas to stay afloat, anything short of this can be costly.

You need not go to Pluto to make a meaningful statement in business, just open your eyes to simple business ethics; you will be amazed at the turnout of events.

You shouldn’t be competing, you should rank among top-performing companies once the right things are done and it should be at the right time.

Do you truly want to be the toast of all businesses? You should give these 5 sure ways of overcoming competitive threats a deep thought, it will be of great help

Branding

I remember vividly how sales picked up upon coming into a firm as a fresh intake; the firm had continually recorded low sales, no thanks to my ingenuity and thinking outside the box.

It was on a rainy day that the meeting took place; everyone was there, from the MD, Directors, Human Resources, Managers, Accountants, and so on. Opinions were sought to help galvanize sales as the company’s fortune is seriously affected no thanks to the loss of revenue.

After opinions were brandished from left and right, I stood up and told the gathering that I quite appreciate shades of opinions but what we need then is to re-brand our goods.

That was the magic needed, it was given thought and it played out well. Before the meeting, I took a cursory look at the way the jacket or should I say the packing of our products goes, I wasn’t impressed at all.

READ ALSO:  15 Decisions That May Ruin Your Business

I decided within myself to pour out my mind when the time comes, the meeting eventually afforded me the opportunity.

All we did is change the outlook of our products, the fortune of the firm changed almost immediately, and consumers of rival products shifted to ours thereby shoring up our capital base in the process.

After Sales Service

Depending on the kind of goods/service you deals in, it’s noteworthy to do something your competitors aren’t doing, you will simply beat them to the game.

Final consumers are human; everyone will only go for goods and services that would offer extra benefits in whatever form.

They will simply shift focus in that direction whenever the opportunity presents itself. Just think of ways of inviting customers to bring any faulty goods and try to work on them, a consumer that experienced such will surely tell a friend, such friend will tell another and expect that line to continue

Never feel too big to apologize if complaints are lodged, find a way to address them, they will feel honored and eventually come back.

Any business that does this will automatically overcome any competitive threats coming from rivals; it shouldn’t even surprise you to see customers from rivals running over to experience such classy treatment.

Pricing

Greed will harm your business if you feel you can’t do anything about the prices of your goods, events have shown how destructive exorbitant prices can be on the fortune of some classes of products.

Do you need to be told to beat down prices when the volume of sales is dwindling? Common sense should tell you need to look in that direction, come to think of it, won’t more sales bring more profit at the end of a business transaction?

You will have yourself to blame if your business finds itself among the lower rank, which could be avoided if necessary steps are taken when the situation seems all bad.

READ ALSO:  How to Position Yourself in Negotiation

Considering the purchasing powers of the people in times of crisis or any other unfortunate scenarios, jacking up prices or maintaining the status quo could be counterproductive.

Your competitors could sense this and decide to do something about the prices of their goods and services, what do you think will happen? You will lose patronage if you remain adamant and decide to stick to your gun

Promotion

No matter the nature of the business you are involved in you need to raise publicities to continually capture patronage, you need to explore various avenues to make your products reach a wider audience.

Your business will die gradually if you underestimate the powers of adverts; these are what your competitors will explore to beat you to the game.

Make use of various channels to promote your goods, it will pay off almost immediately; some might not be noticeable at the onset but will eventually pay off in the long run.

You have the TV stations, Radio, Print media, and other areas to easily speak to members of the public.

Don’t settle for less, you need to promote your goods to overcome serious competition from rivals. Have it at the back of your mind that any cost incurred in making adverts will be recouped in massive profits

Social Media

Some might consider it another area of promoting goods and services but it far outweighs that belief, this is where life is at the moment; you either key in or lose out.

Is there any serious business out there without a visible presence on social media? Then, that setup should expect to be pushed out of business in no time.

If you don’t know how to go about it, I will advise you to meet an expert to help register your business online, it won’t cost harm or leg to do this, just get a nice picture of your goods across and they will complete the job

READ ALSO:  How Micro Expressions Are Vital in Negotiations

Did you know your business stands a very good chance of making ten times more sales if such visibility works out on social media? Just as I earlier stressed, meet competent people to help out in such respect, you will have the last laugh.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Leave a Reply

Your email address will not be published.

You May Also Like