When consumer spending is slowing down, you need to defend your market position and maintain a competitive advantage. If you want to totally dictate the market and be a winner, one of the most important things to do is to define your unique business scheme. You need to give your customers good reasons to do business with you rather than doing with your competitors. You need to have a clearly defined and unique selling point such that customers do not even ask for it. Though your products and services should be a clear winner as far as those of your competitors are concerned, you equally need to have a clearly defined process and strategy.
To stay ahead when it comes to competition, there are other ways to go about it.
Know your competition
You need to take the time to study and monitor your competitors. Understand what differentiates them, on the issues that make customers choose them over you. When you know your competitors, it helps in understanding what your competitive advantage is, and thus you can better target the marketplace, and design your strategy appropriately. To stand out ahead of the competition, you need to become a disruptor, enter the market and offer very differentiated products. Customer feedback is always very important.
It is always advisable you test and experiment on different aspects of your business, as this helps in beating your competitors. Get to the marketplace and experiment with various issues on your products and business. Take action, do not shy to test the waters and monitor results. Make calculations before making a huge decision. The idea is that you should not let guesswork stop you from being creative.
Assess Your Daily Routine
You need to keep analyzing your daily routine as this will help you with making better predictions about future trends. Be aware of tiny challenges that may bring a huge effect on what happens in the future. Have a clear idea of what you want your business to be and perform in the future. If you are planning for growth and expansion, you will be better than those who are comfortable treading water. You need to have weekly meetings where you can discuss changes happening in your industry as well as the latest developments.
Avoid being predictable
It is very important you keep changing and avoid being predictable. If you keep on repeating the same old techniques every day, you become predictable and you will not be able to beat the competition. Forget about the current and place a lot of efforts on what should or could happen in the future.
The behavior of Your Competitors
You need to look for any repetitive behavior in your competitors. Study the moves of your competitors and get to do everything they do, though in a better way. Understand how your competitors are likely to react to the moves you make that may affect them. Ask yourself how the competitors will react, what alternatives they will see, and which options are they more likely to choose.