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Personally, I see competition in business as healthy and good for business growth. If you own and run an online or offline business, then you should not be scared or worried about competition. Instead you should analyze your competitors and see what they are not doing right or the features that they are not adding to their services or product, this is what you will use to step up your game in business.
The saying that “the sky is wide enough for all birds to fly” is applicable to competition in business which is to say you have a need to provide for, that your competitors are not providing yet. This can come in different and even the most unnoticeable form like packaging and delivering of the product or services.
Humans are becoming lazy, sophisticated and more intelligent by the day, if you can put this in mind, then observe your competitors to see how well they have satisfied the laziness, sophistication and intelligence of their customers, then position your business to satisfy the area your competitors are lagging. You are good to go.
Almost All Business Has a Player (Competitor), How to Locate Yours
Even when your business is an innovative and ‘never seen’ kind of product or service, you may have competitors and possible competitors, locating your competitors can be achieved by searching the web for directories of businesses offering your product or services, reading your trade journals and talking to customers and suppliers.
You should also look closely at the strengths of your competitors too so you can add it up to your s or improve on it if there is still room.
Customers and Prospect are Good Sources of Your Competitive Advantage
You will just have to communicate with your prospect and customers so you can get what they want and add it up, this is one good source most small business owners ignore. If you can leverage on this method by asking your customer how they perceived your product or service and what do they want added to it.
If you are just starting then you will want to offer your product or services to your networks circle like your friends, family members or colleagues and ask for their candid opinion on what they think of your product.
State Your Competitive Advantage Clearly
After identifying and implementing your unique selling point, it will be best for you to state it out both in your business plan, publicity materials and anywhere you feel customers and prospect will see it more clearly, this will draw more customers to patronize you more often.
Update Your Competitive Advantage Frequently
Yes, this part is very important if you want to be in business for a long time, remember you studied your competitors, develop on their weakness and their strengths, well, others will do that to you too, you can call it karma if you like, it does not change the fact that people will do same to you.
What will make you keep your momentum and make your business win in the game is to frequently update your competitive advantage this is why you need a business consultant or a mentor and other people that will help you think this out.
Your update could be an advance form of the product you are offering or a new product or service that will complement what you offered before. With this in mind, just remember that your competitive advantage should either be more sophisticated or lessen the stress of your customers, ever wondered while the likes of Apple and Microsoft always bring out new versions of their product frequently?
You should also state the period when you should release an update in your business plan and strategy, this could be monthly, quarterly or yearly. You just have to be ahead of the game as a smart business owner.
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