How to handle fierce competition in business?

[Kennysplash]

Whatever it is you are planning on setting up somebody is already doing it. maybe not the way you're trying to do your own and maybe you have different strategy but the truth is many people are already doing what you are planning to do. What should you do if your face fierce competition in your business?
1. For one thing have it in mind that you would experience competition ? whether it is near or far, if you acknowledge it then you will be in a better position to find the ways to deal with it.
2. Make your own product or service standout, have that touch of uniqueness that your competitors do not have. This will make them keep patronizing you.
3. Develop a strong bond with your clients , show them that you're not just interested in their money but in them also.
4. Offer bonus, cash back or promo.
What other ways can you think of?

 

[Ralphjoe]

Well one of the best way to handle competition in your line of business is that you asked to know where your comparative advantage you have over your competitor it is an leveraging on this comparative advantage that you have over your computer that is when you can get ahead of your competitors and become the best in that line of business. Leveraging on your competitive advantage over your competitor means improving on that particular aspect whereby your product is better than your competitor's product if for example your product is more crispier than that of your competitor then it is advisable that you make your product always More crispier than your competitor's product.

 

[Alexandoy]

A fierce competition can lead to a cut-throat fight where both businesses will be lowering their prices or giving rebates and cashbacks to the detriment of the profit margin. My take on a business competition should be a friendly one. Talk to the manager of the other business to have a pact on the way you will compete for the customers. A friendly approach can avoid a fierce competition that will hurt both of you. Besides, if there are plenty of customers then there is not need for a fight. A business can co-exist with another business so you can do it.

 

[Peppul]

To handle fierce competition one needs to know your customers, most companies or business don't have enough customer data to build effective marketing campaigns, most marketers knows their customers purchasing patterns, which is certainly helpful to track. By knowing your customers, you can build a relationship between them and your company, extending the customer lifecycle beyond only a couple of purchase.
Also understand the competition. To understand your competition, it's most important to begin by examining the marketplace. First take a hard look at the things your competitors does. Secondly look to see what your competitor doesn't do and then try to fill in that part of the market.
Also highlights your difference. You can use differences to learn how to handle competition in business. After completing market research, understand what makes you different from the competition like do you have more ethical sourcing for products. Well guess I will leave this here.