by Irena Whitfield
Today's business environment is tough and highly competitive.
The customer becomes more sophisticated, wants more for
their hard-earned money and companies getting more and more
sophisticated struggle for more sales using all available means.
It's getting more difficult to succeed without constant
improving your products and services, without proper knowledge
of your customer needs and your competition offer, without
constant testing of your marketing and business efficiency,
strict control of your cashflow, specific professional
information and market data using effective methods and
advanced techniques.
It is also very important to know who is your competition
and who is not. It is useless and costly to fight with
someone with whom we can co-operate instead.
So, how to handle competition right?
1. Make extensive study and research of your niche-market
to learn:
2. Watch your competition: closely watch what your
competition is doing, how and why. Buy their products, use
their services, find out their strong and their weak points,
the way they treat their customers, look for complementing
fields and possible co-operation.
Don't be afraid to approach your competition, propose a
fair deal benefiting all of the participants: your customer,
your competition and you.
A clever businessman always prefers smooth relationship
with their rivals - it costs less money, does not ruin a
business image and brings profit.
3. Study and learn new methods, apply what you learn from
your competition research, improve your products and
services.
4. Develop new products and services which you spot your
customers need and are willing to pay for and your competition
does not offer or the ones in the market are of poor
quality.
5. Constantly test your business efficiency ie your
conversion rates, effeciency of your marketing campaigns,
co-operations, in other words: watch every step you take.
Site to help to map the current situation:
http://www.bls.gov/
Conclusion:
I notice that too many people see competition in everyone
they meet and immediately employ fighting attitudes. It's
not only contra-productive but very expensive, demanding in
time and energy and above all very stupid.
Most people we meet are business people working for
successful business the same as you and me and why not
achieve it together. There's always plenty of room in the
Sun :-)
Wishing you a profitable week before I talk to you
in our regular Issue.
Sincerely,
Irena Whitfield,
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