Business

How to Survive in a Competitive Business Environment

Competitive Business Environment

Regardless of the scale of your business or the industry you are in, one thing is constant – the modern business environment is a severely competitive and cutthroat scenario with no quarters asked for or given. This is primarily because of technological advancements that have made businesses more open ended. Nothing is classified data anymore and by using analytics tools, online digital marketing companies can clearly pinpoint key business parameters and data of your competitors and structure optimised campaigns for you. Hence, to survive in such a ruthless setting, you have to employ specific and customised processes without upsetting the basic flow and ethos of your enterprise.

  • Create Brand Awareness – This is very crucial as your brand is yours only and no amount of competition in related industries can replace it. Work towards a position where the very name and logo will bring instant recognition amongst people regarding your product. Your brand strategy will include carving an exclusive market niche that cannot be served by your competitors even if they are bigger in size with more resources. Have a unique selling proposition for your brand. It might be the nature of your product, the markets that you sell in, price or even delivery time. Ensure that you offer customised services with a personal touch. Once you can integrate all these factors into the core of your brand, you will surely be able to survive the competition.
  • Social Media involvement – Consider these statistics first – 68% of all adults in the USA including Internet and non-Internet users have a Facebook profile while 28% are on Instagram, 26% use Pinterest and 25% LinkedIn. This trend is relevant for almost all countries in the world with strong Internet connectivity. Making full use of social media platforms is one sure way to beat the competition. Most importantly, the ROI of a social media marketing campaign is high because of the wide coverage it ensures. You can also target specific audience and be highly interactive with them by posting comments, getting feedback and starting discussion forums about your industry. Small businesses find this particularly useful because of low advertising rates. A small time car mechanic in Maribyrnong for example can make optimum use of social media to publicise his services without having to break his bank.
  • Be mobile friendly – With the exponential growth in smart phone usage, a new section of customers have emerged that you have to cater too. They will browse the Internet and search online for products and services before coming to a purchase decision. Studies have shown that most visit a regular brick and mortar store within a day of the search. Not catering to this segment will leave you behind in the competition and result in lost business opportunities. For instance, vehicle owners in Melbourne will first search online from their smart phones for top garages offering car servicing in Melbourne before taking the car there. Not having a highly visible and strong online presence will be detrimental for your business. It is necessary that you have a business website that is equally clear and user-friendly irrespective of whether it is being viewed on a desktop, laptop, tablet or smart phone.
  • Explore new market niches – Your product and services are the backbone of your business and you simply cannot afford to maintain the same mix for ages. To get new customers and rope in potential ones, you have to constantly innovate through fresh offerings in new market niches. However, before doing so, you have to take a long hard look at what your customers want and develop unique and an exclusive product range.

These are some of the strategies that you can adopt to survive in a competitive business environment. However you have to mould your approach as per particular conditions prevailing in your industry where you are located.

Leave a Reply

Your email address will not be published. Required fields are marked *