5 Tips for Facing Business Competition in Running a Business

Business Illustration

Business Illustration

Netgenz - Business | Running a business or running your own business is now an option for many people. Some appeared because it was a dream, some came back maybe inevitably due to conditions. Regardless of what the argument is, running a business or running a business doesn't always run smoothly. There are many obstacles in running it which definitely require various tactics so that your business can still stand tall. The more you try, the more rivals you have. There is no doubt that business competition will become a truth that you will encounter in running a business. You also need stability and a lot of knowledge about business so that you can still survive in the face of existing business competition.

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Here are some ways to face business competition

1. Get to know your own customers well

Get to know your own customers well

Get to know your own customers well

The first guide to surviving business competition is to know customers well. Data shows that around 80% of companies do not have information about their customers, even though information about customers is a major point in the process of running a business. This is because it is related to the marketing tactics taken to make your business a success. Customer data and information is also important to make the link between your business and those as your target.

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2. Get to know competitors

Coffee Shop as Competitor

Coffee Shop as Competitor

In surviving the business competition, you need to have knowledge about competitors. You can use that knowledge later to identify what competitors lack and make it an advantage in your business. You need to know what your competitors have done and have not done. In addition, you need to pay attention to how your competitors talk to customers and see what they are doing to generate purchase changes. You should pay attention to a few things that are loose in your competitors' marketing tactics. That way, you can fill it through your marketing tactics and gain market share with a clearer identity.

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3. Outline the difference between your business and competitors' businesses

The next guide in dealing with business competition by paying attention to the differences between your business and competitors' businesses. Although suppose you sell products of the same type of food, of course, there are differences that you can underline. This disparity is a good step to increase the interest and alteration of your potential customers. You can also do market research to see to what extent your customers like your business products. Market research can also show what are the differences between your product and competitors' products. Then, you can highlight the disparity and display it as a plus for your product or service.

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4. Continue to exploit opportunities in new markets

In starting a business, there are events that make you stuck or difficult to exploit more deeply. If you find that event, you should try to do deeper exploitation of the new market. It can help you break out of existing competitions and tend to be unhealthy and open yourself up to new, more interesting competitions.

5. Always take care of loyal customers

Illustration UMKM

Illustration UMKM

One thing that is important for you to emphasize when competing with competitors is not to forget the old customers. The presence of old customers is the same as a priority with new customers. Dredge or expand the market is the main point, but don't let you concentrate too much on getting new customers and forget the old customers who have been with you since the beginning of the business. Therefore, you still need to take care of your loyal or loyal business customers. This is one of the important concepts in digital marketing. Loyal customers will help you increase social media engagement in the digital realm so that your business can be more trusted in the eyes of many people. The achievement of new customers is the same as lying when your old customers leave. Instead of making a profit, you actually get a stagnation that can't be denied.

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