success concept

Starting a Business and Dealing with Competition | The Art of Business Competition

Starting up your own company and getting into a business will lead you to a challenging road to success. You will have to grind and fight your way to the top. Along the way, you will have to contend with your competitors. It is a fact of life that you cannot escape. But competition is good for any industry. There is always room for more than multiple players in a market space, and competing is what will make everyone strive for greatness at all times. When that happens, the consumers or the customers win.

It is understandable for you to be worried about competition. But when you start a business, that should already be accounted for. That is something that you will face no matter what happens, so you have to learn how to deal with it.

Know Your Competition

You do not want to go into battle blind. Knowing your competition is important because that will be your point of reference in creating strategies. This is the part where you study and analyze how they move across the market. There are a lot of sources of information you can cull from. You can start with their history. There could be trends that you can use to determine which parts of the year they are performing the weakest. You can go further down the rabbit hole from here.

Find out what kind of products or services were on offer at that time, or what kind of marketing campaign were they running. These could reveal flaws in their structure, and it is up to you how you want to capitalize on those. You can exploit and compete with an offering that is priced competitively so you can establish your brand, or you can play it safe and avoid the mistake that they have taken.

man writing competitive intelligence

Know the Market

If knowing who you are up against is crucial to your success, then knowing about your potential customers is the same. The historical data that you have researched will come in handy, as that can be used to predict behavioral patterns. But more than that, you have to also keep updated with what is happening around you. The current social and political climate, trends in pop culture, and even traditions can affect people’s attitudes on spending on products and services.

A classic example would be how Star Wars started the trend of tie-in merchandise. The 1977 sci-fi epic spawned the franchise that would, later on, revolutionize the toy industry. Now, whenever there is a hit movie franchise that has a broad target audience, toy companies would scramble to get a large piece of the toy pie. They know there is a huge market for the toys that would represent those movies, and this is why they are so eager to capture the license to manufacture products related to the flick.

Choose Your Targets

You can tackle competition in a few ways. You can fight them straight on by competing with similar products. There is little room for variety here, but if you can pull off something innovative, that could put you ahead of your opponent. Otherwise, the quality or value of your offering will be the deciding factor. Market segmentation strategies will have you targeting your competition in other areas, or even not targeting them at all. Find out which segment is seemingly unexplored, yet has tons of potential.

For example, if you are a clothes manufacturer that aims for the sports audience, you can make the pivot to the casual market and get a totally new group of potential customers. Athletic apparel does not stray too far from casual in terms of design, and enlarging your scope will give you more earning opportunities.

Bring Out the Guns

It would not be an all-out war without you and your competition without you trying to outdo each other. You will be bringing out the big guns, otherwise known as showcasing the features of your offerings. This is how you present the advantages your offerings have compared to the others. Those should be placed front and center if you want to convert people to your side.

Your marketing machine should be rolling out and attacking all fronts. It should have its hands on all types of media, whether that is traditional broadcast or online. Well-known endorsers or influencers will be a big help in making the public conscious of your brand and your offerings.

Competition can be tough in the business world, that is why you need to be prepared before you enter the battle zone. You will need to gather lots of information and learn new stuff if you want to have a chance at success. Tie all that up with courage and determination, and you should be on your way to giving a good fight.

About the Author

Share this post

Scroll to Top