As one of the biggest pitfalls for any fresh entrepreneur is their competition, this week on the Htet Tayza blog, I let you know how to outdo your competitors in business.
Competitors are a Major Threat to Any New Business
Starting out as an entrepreneur, you have enough problems to deal with – especially if you are starting a business with no money. Yet often, your biggest problem isn’t getting your business off the ground, but capturing customers who are already loyal to one of your competitors.
The reality is that no matter how unique your product, you will have to deal with competitors when starting a business. These competitors have distinct advantages – namely, that people already know who they are. That is why it is critical to make sure you focus on outdoing your competitors at every turn.
Five Ways to Outdo Your Competitors
It isn’t easy to get customers to switch to you, but I have found that there are five ways to make your business stand out, and effectively outdo your competitors in business as you do so…
- Establish Your Brand: No one’s going to switch to you from a competitor if they don’t know who you are. That is why you need to make your brand stand out – get on social media, invest in PR etc., to outshine your competitors as a new business, ready and willing to do for consumers what established enterprises can’t.
- Find a Gap in the Market: It’s always wise to find that gap in the market that competitors aren’t catering to, and centre your business towards it, to generate new custom. Then, you have a market you dominate, thus a competitor will find it hard to break into.
- Follow Your Competitors: Have you ever heard the phase, there’s no such thing as an original idea anymore? It’s the same in business. Often, the most effective way to outdo a competitor is watch what they’re doing right, and find a way to make it better. After all, if it’s working for them, it’ll work better for you if you improve on their idea.
- Emphasise Your Differences: Often, a consumer will make the decision to switch to you, because you have something another business doesn’t. Is your product easier to use? Safer? More energy efficient? That is why you need to emphasise why you are different to every other business out there, to show consumers what they can get when they switch.
- Undercut Your Competitors: Often, one of the easiest ways to beat your competitors is to undercut them. Offer similar services for less money, or a higher standard of service for the same money. At the end of the day, consumers are selfish, and if they think that you’ll give them more for less, they will switch to you.
Make Your Business Better Than Any Other
Beating your competitors may seem like an unsurmountable hill to climb when you are first starting out, but it really isn’t. Do what I did with Escape Gastro Bar, Htet Tayza readers, and create a business that is simply better for your target consumer than that offered by your competitors.