Competition, along with death and taxes are the three facts of life we all can depend on. But one of those facts can work to a companies advantage if the following 3 step plan of action is used. Why? Because whatever the product or service, business competition is as fierce as it has ever been. But a growing number of savvy marketers are now starting to discover a secret. It’s getting less profitable to search for untapped markets with little or no competition.
For example, during the past 5 years the trend was finding a niche, focusing on untapped markets or going where competition was low. But now many alert marketers are finding that doing the opposite can be profitable When everyone is looking for low competition markets, a small band of rebels are running aggressively to competitive markets instead of from them and reaping quick profits.
Getting the competitive edge in the middle of a competitive environment is the hot topic of today. With so many companies cutting back on research and development, more continue to find it profitable to run to the competition instead of from it.
Here’s the top 3 benefits companies enjoy by running to industry competition instead of from it.
1. Competition = Buying Customers and Dollars
A competitive market signals dollars to be made. The is one of the fastest ways to recognize lucrative markets with hungry buyers that have the ability to pay for the product or service. No more extensive research, spending tons of money to educate the consumer or trying to build a market. Competition is the sign post of a thriving market of potential buyers ready to spend money now.
2. Competitiveness Forces The “A – Game” To Come Out
A Competitive climate is like iron sharpening iron. It makes for a sharper business, product or service. But only for the alert, focused and the persistent. Competition is the two-edge sword that separates the contenders from the pretenders in sports as well as in business. A competitive environment forces the best to come out.
3. A Competitor Can Make One Bitter or Better
This is one of the first lessons discovered by those who run to competition instead of from it. But the quicker this lesson is learned the more confidence grows and with confidence comes the competitive edge. The bitter quickly discover they need a career change or should be in another business – a time saving benefit.
Those who benefit most from running to competition instead of from it display the following qualities and reap huge profits. Here’s the 3 step plan for gaining a quick and easy competitive edge in the middle of fierce competition. Look at these tips before leaping into lucrative competitive markets.
1. Look For Change
Many people resist, balk at or slowly adapt to change. Use this as an advantage. See change as opportunity. Why? Because change always has a tendency to thin out the crowd of competition because so many people resist it. One fact of all competitive markets, they have constant changes. The market changes and the target customers change. So, instead of resisting, ignoring or balking at changes see them as competitive opportunities and be the first to spot and adapt to those changes when they come. Many smaller companies have leap frogged over larger companies who refused to spot or react to market changes.
2. Look To Personalize
With so many people resenting the fact their just a cog in a wheel, a number or a statistic, there’s a growing demand for personalization. Today more consumers want more personalized products and services. People today hate cookie cutter, mass produced and one size fits all products and services. The businesses who can personalize and make customers feel special will have a competitive advantage.
Shame on the business who refuses to meet the individual needs of today’s consumer. They’ll soon be forced to step aside to make room for the business, product or service that does.
3. Look For More Convenience
In the age of convenience stores, convenience foods and convenience shopping. consumers not only look for it now, they demand it. Here’s another quick way to gain a competitive edge. Find ways to make buying, using, or maintaining a product or service more convenient than the competition. Finding ways to do this is a fast way any business can get a quick and solid competitive edge.
All 3 tips can work as a part of a solid competitive strategy program for any business, product or service.