Competition is not something a lot of people want to have. We all tend to prefer being by ourselves in whatever area of life we find ourselves.
For example, no one wants to compete for the love of their spouse and interestingly, when a toddler has a sibling, they do not initially find that funny till they have to learn to accept the new baby and figure out how to deal with them and eventually love them.
In business, it is actually the same. No one really wants to compete for the attention of the customers but it is something that is bound to happen. Unfortunately, it is almost impossible to be the only one offering a particular product or service.
What we need to understand is how to handle competition and still make money from the same market. Some tips are below on how to make the best of competition in business:
- Know your competition: One of the worst things you can do to yourself as a business owner is not know who your competition is. It is very important that you do your research and not just know the name of the competition but also what they offer. You will need to purchase some of their products just to learn how it works and what makes your own products and / or services different from what they currently offer the market.
- Identify your Unique Selling Point: In a market where you have the same target customers, you need to stand out by identifying what your unique selling point is. What makes you different from those already providing the same service or selling the same product? It is very important you understand and identify your USP because this is the reason why people will patronize you in a saturated market.
- Build a loyal tribe: People buy from people they know, like or have an attachment to. It is very important that you build a loyal following of people who buy from you and not competition because they have come to fee that they are a part of something beyond the products and / or services you are providing.
- Never hate on competition: The customers are watching your every move so it is very important that you never publicly hate or disrespect other peoples ‘hustle’. Once people being to perceive you that way, it is very possible that you lose certain customers due to the brand you are building.
- Build your personal brand: People don’t just buy products, they buy what people are selling. This means that you need to consciously build a positive brand that attracts the type of people you are trying to convert as customers.
So, let’s not be afraid of competition but rather embrace it and ensure we maximize them to the fullest.