One thing we can agree on whether you like it or not is that competition is healthy for businesses. No matter what scale you’re on, from small start-ups to the fortune 500. Competition in industries is what fosters innovation. You either innovate, or you lose the game, at the hands of your competitors. Take Blockbuster; for example, Netflix came along and revolutionised their whole industry, Blockbuster failed to see this and later went bust.
To make sure you don’t follow the same footsteps as Blockbuster below are some tips and tricks to help you crush your competition in your industry. Or at least be one step ahead of them:
By knowing your customers, you can build a relationship between them and your company, extending the customer life-cycle beyond only a couple of purchases. You need to know who your target audience is. If you’re struggling with establishing your target audience, take a look at our blog post here.
It is most important to begin by examining the marketplace. First, take a hard look at the things your competitor does. Second, look to see what your competitor doesn’t do, and then try to fill in that part of the market.
After completing market research, you need to understand what makes you different from the competition. Perhaps you have an angle to your brand story that could push you above the competition, or maybe you offer a better customer service. All of these elements are why a customer may choose you over your competition, so it matters.
Customers want to know what you can do for them that no one else can, and that is how you will win their business. Craft a messaging system (Value proposition, tagline etc.) that tells what you can offer.
A rebrand may be in store for your business. A rebrand will allow you to pivot your brand position and value proposition. I honestly believe that the best thing blockbuster could have done, in light of Netflix, would have been to completely pivot to an online platform and updated their brand to establish this.
Remember, competition in business can be healthy. It forces you to innovate and look at your company from different angles. Please take it in your stride and enjoy the journey.