Here’s the warning: Competition is inevitable, especially in the business industry. Sometimes it is healthy, but the rivalry is challenging and intimidating most of the time. Through this, entrepreneurs like you require to come up with additional ways to make your flag the highest among the brand competitors.
You see, you should be ready, and you should know how to maintain your brand name and legacy in the eyes of your audience. How?
To stay and keep your way, you must prepare your business for tons of competitions around. But before that, let’s unravel first the systems in business competition.
Competitions in the business industry appear in different categories. The first you must put concern is through the direct competitors. These are the companies with a similar mission, product, service, or even the same appeal to the market.
However, you are not just about to worry about your direct competition, but also with your indirect competition. Who are they? These are the businesses with different products or services to yours but have another option to provide the audience’s needs.
As an example, McDonald’s is a well-established fast-food chain with varieties of food such as burgers, fries, fried chicken, and drinks. One of its solid direct competition would be Burger King. They are both offering the same products to the market with somehow similar appeal. If a person wants a burger and fries meal, where should they go, McDonald’s or Burger King?
On the other hand, McDonald’s and Domino’s Pizza fall under indirect competition. Yes, they are both serving your food, but the sets of the menu are very different. Yet still, it can provide an alternative to the audience.
What’s one of Domino’s Pizza’s direct brand competitors? That’s right ‒ Papa John’s Pizza! They are both pizza parlors with the same target audience who want pizza.
Now you understand how direct and indirect competition work, would you also identify yours?
For service companies or proprietors, a web developer may consider another web developer as their direct brand competitors. Who would be their indirect competitors? It could be the virtual assistants who can handle the different tasks but can provide another service for a client.
Clearly, your brand competitors are just around you. You might not feel any tension with them, but it still scares you through sales, market appeal, leads, and even profits. Not just that, it could even give you worse to worst scenarios.
After determining your direct and indirect competition, you might also imagine how it could affect your brand name and legacy. Yes, it could make you miserable! Once they get the spotlight, you could just sit there and never feel the limelight away.
They could even make your business as bad as possible, making people feel this company is better than yours. One of these happened between Xerox and Canon as Xerox found out innovative and way cheaper copiers. As a result, customers focus more on Xerox’s products, resulting in more significant leads and sales.
But then, you must not shiver around and let these big, and small brands put you down! If you got threatened right away, you might end up losing your company.
Thus, before you let them drag you, you must know how to establish a strong, firm, and indestructible business name and legacy. Here’s how you do it.
You just need to stay sharp and outstanding. Is that the only key? No! There is a lot to work on, but if you keep this mindset, you could nail all your competition.
Remember, you don’t need to weaken their business. You just need to strengthen your OWN business!
With that, you must know your exact target audience to build a strong rapport with them. Then, prepare your brand to be unique and extraordinary with a wise mission and vision. Use a variety of options to engage and connect with these clients and customers.
After building and establishing your branding, learn more about your competitors. As you see their strengths and weaknesses, you could improve more of your products and services.
Most importantly, ensure your branding reinforces the correct and applicable messages for your audience. If you want clients and customers to stick with you, allow them to trust you and fall in love with you.
So, is your company strong enough to join the domineering business competition? Would you get intimated? Are you still threatened?
If yes, maybe some things are unclear in your business. And I guess that’s where I can help you. Let’s keep in touch as you click the link here.