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Thursday, February 22, 2024
CEOWORLD magazine - Latest - Tech and Innovation - Attacking The Competition

CEO InsightsTech and Innovation

Attacking The Competition

The business world is more than competitive, but still, there is room for newbies to enter. Our advice is certainly to be confident when it comes to competition. If you are the kind of person who is scared of that, then the business world is not for you. Identifying the dangers is healthy, but becoming intimidated by them will not help. Today we will refer to the four key strategies that have helped thousands of brands to take a piece of the pie and be happy with their profits.

Go for the competitor’s weaknesses

Every company has its strong and weak points. Brands that have been in the game for more years than you have the benefit that people already know and trust them. Simultaneously, the negative reviews have also found their way out. The company may not have dealt with improving the product for various reasons, one of which could be that it is not their priority.

This is where you enter and come aggressively. Consider this as your chance to stand out and be noticed. Even when dealing with large corporations where a small company does not seem to have a chance, you can advertise the fact that you are smaller and can provide more personalized services where people will be able to feel unique and appreciated rather than another simple customer.

Evaluate which of the competitors’ strengths are important

Things may not have been as easy for those who have been longer on the market. A person who enters a market that has always been there has the advantage that they know where they are going. Use competitors’ own data, see which of their brand’s products sell the most, and try to figure out the market trend based on that.

This way, you will be able to know which values are critical and should not be missing from your marketing strategy. You do not need to have the whole package, and besides, all of the competitors are different. Still, you have to be sure about what the basic stuff is to be competitive.

Differentiation is a safe place for a business

Another critical parameter you should probably consider when you are in a competitive market is whether you want to go into a straight battle with your competitors. The idea here is not whether your product is better or if the price is more appealing but what you have to win from all that. Even if you beat the competition, perhaps you will have to spend a lot of your resources on advertising to convince the consumers that you offer the best solution to their needs.

On the other hand, stepping back a little to evaluate your profits is wiser. Remember that the sooner you reach the ideal margin profit, the sooner you can reinvest in your business and grow bigger.

Mislead the competition

It is common to see a strategy where customers are not in the center right from the start. Many marketers prefer to clean the competition’s landscape first before trying to earn the consuming audience’s complete trust.

Let’s take the example of a small pastry that sells candies, sweets, and chocolates. The business could start by offering each customer a small candy for free when they buy from their shop and attracting clients to that corner. In addition, they can start with competitive prices lower than the competition. Eventually, competitors will have to lower their prices to follow the market. Once this pastry gathers the attention and trust of the consumers for their service, they can increase the prices again because the customers are already loyal to this business. Meanwhile, competitors have lost some of their clients and are afraid to increase their pricing again in fear of losing more customers. This trap goes directly against the competition and can create a small empire in the industry you are selling in.

Similar approaches can be found in real examples, and this is how most empires have found their way to the top. Dealing with the competition often means misleading the competitors.

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CEOWORLD magazine - Latest - Tech and Innovation - Attacking The Competition
Anna Siampani
Anna Siampani, Lifestyle Editorial Director at the CEOWORLD magazine, working with reporters covering the luxury travel, high-end fashion, hospitality, and lifestyle industries. As lifestyle editorial director, Anna oversees CEOWORLD magazine's daily digital editorial operations, editing and writing features, essays, news, and other content, in addition to editing the magazine's cover stories, astrology pages, and more. You can reach Anna by mail at anna@ceoworld.biz