In business development, understanding, the concept plays an important role. Moving ahead aimlessly doesn’t the organization whether small or big in any direction. Focus has been a major factor in realizing the goals of business and turning the path into l milestones of success. One of the easiest way to estimate that there is competition in the market, is the way the consumer behaves. If there is down trend in consumer spending for the product of a company, the company should immediately try to look for reasons behind it.
Consumer behavior is one of the basic tool which helps in understanding the competition in the market. Keep the behavior under scanner to win any situation and it helps to organization to emerge successful.
The key points which helps in understanding the market competition are
- Try to figure out the competition in the market. The major W’s can help you. Who, why, what and where is the competing?. Get answers to these questions and half the job is done. What is the USP offered by them which is lacking in your product or service. Once this fact is established, strategy planning to combat the problem can taken up.
- Another reason for change in customer behavior can be the economic situation prevailing. The economy goes through transitions like inflation or low prices. This directly impacts the consumer behavior. The economies are never constant and hence the competition faced is also always on the run. Keep analyzing the circumstances and changes in the economy to have a stable hold in the market.
- As an individual business entity or a company, ask yourself a simple question. What different am I offering? This will solve the issue itself. Here comes the role of the USP offered by your brand. There are several types of teas which are being manufactured in the market. But how can my product or brand be different than the other. After all it is only a matter of drinking tea. So the story here revolves round a simple object which had to be different than the rest an appeal the masses. Project the image by giving a different approach about the product. This is the only way the brand can build it’s USP. Speak about the strength of the product. Advertise in a different way.
- The factor of advertising the product in a different way can go on and on. But realizing the correct tool of marketing is the substance which will make the difference. Involve the different methods of promotion like social networking sites and eCommerce podiums. These days consumers are hooked to the Internet and hence the role of Internet marketing cannot be overlooked. Keep pace with the latest trends to nail to target audience in a correct manner.
- Add value to your product by making it available with an incentive or offer. Incentives like “more for less” often appeals the consumers and plays a major role in attracting new customers as well. The mind of the customer is always looking for value added products or services. The word “sale” has an immediate effect on the mind of the customer and compels the consumer to try. This trial can end with a sale.
- Another way to keep the competition by your side is to accept the competition. This will always help you to offer the clients with quality products and services. Treat the existing customers with equal zeal which you use to reach out to the new customers.
- The key to success lies in the way you treat your own people. Keep the employees always happy so that they can forward their best foot forward and help in the achievement of the goal.
- Be futuristic. Always think ahead of time. Planning a strategy for everything in the best way to deal with every situation even competition. The market gets overpopulated with similar products or services in no time. The superb example of this is the latest app based technology which had taken the industry by storm. So plan a strategy which can keep your ship sailing smoothly.
Competition gives a reason to emerge successful. Be positive about the entire concept, differentiate than the rest and cone out a winner in the testing times.