While every business has its own set of problems, learning to tackle your competitors is a skill better learned early. If you are looking into investing a small time in a moderately sized business/set-up or maybe partner with someone to earn something along sidelines, pay close attention to people watching you. These are likely to be your competitors!
So far, our blogs have spoken on what a small-scale idea is all about and how it can glean revenue or generate enough ROI to help get some extra income. We would now want to help you understand how to sustain and guard that idea so that you can make more money out of it. Finding an idea is hard enough; the least you should do is throw it away because of a competition who knows nothing better than you!
‘Competitors exist only in a highly competitive market’ is a myth. If your idea has a new approach to an existing problem, you are most likely to bump into someone else with a similar offering. Read on to know how to tackle your competition in effective ways, in case you make it that far.
Find a contender as an ally
This is one of the common aspects when it comes to dealing with competition. Retrospectively, there are brands similar to yours in the market space that have found themselves a certain market. They might have a flawed product all along the way and are maybe looking for someone who can correct it with the right terms and conditions in place. As a start-up, you need to take notice of this and use this opportunity to partner with one of these giants to make yourself visible in the spectrum.
They have all the market space and distribution channels already set up and running. Both parties would have nothing to lose, in-fact may have everything to gain. Round 2 of the same process may lead to an acquisition at the end.
Clones will never make it anyway
Giants will never show up to copy your plans anyway. At least not in the beginning. However, there are many people who could copy your idea at some point. They clearly would not have an idea or a roadmap with which they would want to progress further. They would have no idea about market penetration and product positioning per se.
These clones can prove to be weeds, and like any other weed, they tend to create confusions and will look to camouflage in the lot. This is the only time you need to protect your space and objectives to secure your customers. Once you do this, you will have to focus on the long-term vision rather than short profits. Doing this will help you prevail!
Don’t just BE, but aim to BEAT
Clones and competitors will always try to be you and will try to supersede you with all the experience and talent they have. But there is one catch; they can never ‘BE YOU’
Experience has taught mankind many things. Among them, is being original and standing your grounds seeks precedence. Has anyone been able to copy Apple? Sure. But has anyone beaten them? No!
Therefore, you have your answer! Be original in the product or service you are trying to offer. People will watch, they will stay there for a while, and when they realize they cannot copy you, they will leave! So, the trick here is to stay original and as creative as possible to your idea and consistently build on the idea.
Technology is a game won with speed!
More often than ever, there have been competitive releases. David vs Goliath matches always happen in the market space and needless to say, David always wins his way!
Small companies often win battles such as these. Once they launch their product in the market at competitive rates, they then would lean on procuring market feedback. Their ability to understand this and inculcate this into the new release and launch it again under additional features, better durability and other cases earn them brownie points. This speed is nonexistent with the giants. This advantage will ultimately help small organizations secure a large audience base.
Scaling to seek a breakthrough
When the product or service is launched, you get spotted. People often think that once the product is launched, the whole profit and loss scenario is taken care of. But one pointer that breaks it all up, is the saturation factor. Once people take notes that you are making profits with an idea, they will try to replicate your idea and make some profits for themselves. Your product will hit saturation earlier than expected.
This is when you will have to look to scale. You would need money to do this, but at least you will be able to reach newer markets and have better launch strategies.
Choose ‘build’ against ‘buy!’
Whatever the product or the service is, enabling people with the power to create and allowing them to be flexible should be advocated. It’s easy to buy things; but difficult to enable others to build on it. When people can do many things with one product or one service, many things happen, and an increase in sales is one of them.
This concept will help you sustain in the market rather than just be a one-shot thing.
Know your demography
You have enough marketing research experience to visualize what will sell and what wouldn’t; i.e., you have figured out a potential solution to a real-time problem. If this is one side of a coin, the other side is to figure out demographic expectations.
Social platform’s data analytics reveals that a lot of traffic is generated, or a lot of revenue is being brought in by these silent/sleeping population. They have the money and they are likely to make a lot of purchases.
There you have it, a list filled with insights that will help you not just avoid competition but will help you gain analytics on what can happen better. Alternatively, we provide you with parallel approaches to scale your business in any market. It’s not just about scaling, it’s about thriving too.