Top 3 strategies to beat the competition
In today’s competitive world, everyone wants to perform better than others and in business world customers prefer to go with market leader. Business struggles to decide the best possible way to become more competitive so that customers can choose them.
Competition arises whenever two or more parties strive for a common goal which cannot be shared.Competition in business is the contest or rivalry among the companies selling similar products and/or targeting the same target audience to get more sales, increase revenue, and gain more market share as compared to others.
In business where one’s gain is the other’s loss. So every company want to increase their own gain.
In this post I am going to discuss, how to overcome competitors in business?
Competition shows the strengths of business can be assessed by the level of competition for example high competition shows highly profitable businesses.Business competition strategies depends upon the level of competition and attracting the more customers is the goal of strategies.
Customers switching decision normally based on two factors
- A. Problem with existing product
- B. Better alternative available in market
Highly successful strategy to get competitive advantage is to offer better solutions to customers.
There are three strategies to beat the competition are
1.Amplify what is working-Increase, strengthen and focus on the strategy which is working.For example if my cost leadership is working in marketing then focus on cost leadership.
2. Explore something new-For growth always look for innovations and out of box solutions. Differentiator will drive the growth.
3. Leave the non working –Don’t waste resources on non working.Leave the non working strategies.
The 80-20 rule, also known as the Pareto Principle, asserts that 80% of outcomes result from 20% of all causes (or inputs) for any given event. In business, a goal of the 80-20 rule is to identify inputs that are potentially the most productive and make them the priority.
All above strategies have their specific context and situations for their usages. Here I am giving some context which can help you to make your own decision
Amplify what working is very successful when your stakes are very high and needed success in very short time. This strategy aims to overcome the small players.This is best suited for new generation tech startups where speed is the game.
Explore something new -when you have resources and time to experiment.In this strategy companies try offer better version of their offerings.This is very good strategy for pharma sector,engineering,fashion etc. where customers continuously look for something more.
Leave the non working-you can not leave whole due to high stake or other commitment so leave what is not working. Do not waste resources on non working things and this saved resources deploy on business expansion and innovations.This strategy is extremely good for businesses where you have loyal customers and relatively low innovations.By removing non working you will become more competitive.In recent time you must have noticed that many companies invested more on their digital strategies then physical to catch the e commerce boom.
Business success is largely depends upon the timely decision making and become the best in available options. To read more on growth strategies read the book “A to Z of Business Growth”