Industry competition is something that every segment of an industry has to go through at one point in time. The most successful entrepreneurs are the ones who were victorious in overcoming their competitions. The growth of a business instigates competition, either internally (for standing within the company) or among its rivals (for standing within the market). Regardless of the scope, the strive to come on top in the competition is something essential for survival in a competitive industry. Varying competitions require different types of strategies and plans to overcome them. But what are those plans and strategies?
To get an edge in the competition, one could ensure that the products or services offered by them are up to date and are constantly upgraded. Offering an Upgrade over any good available on the market, is an easy way of attracting attention. Especially if the price for the goods offered still stays the same. On the flip side, if a product isn’t kept up to date with the upcoming standards or its price is incremented irrationally, would cause a lot of customers to deter from it. Therefore, as a rule of thumb, it is generally advised for entrepreneurs to stay updated about the upcoming trends and reflect on their products as soon as possible.
Price is a big determinant in the success of a product. A Customer expects some value out of the purchase of the product. Where the requirement of value is dependent on the customer. If something is added towards the value of a product, more customers would be willing to purchase it. This could be done by offering an Upgrade, Rebate, Reduction in Price, Freebies etc. to the product.
Price deduction is a critical move and can sometimes backfire towards the company. Hence proper precautions should be taken before doing so.
Teaming up with relevant competitors is mutually beneficial. This allows for the creation of strategic alliances that are quintessential in a competitive industry. Partnership also allows for expansion of the user base and provides more reach to either company. Collaborative efforts are also fruitful in taking down colossal goals or rival targets. A partnership also allows for targeting new markets, which would have been riskier when done solo.
This should be done wisely as sometimes an acquisition may be disguised as a partnership. Therefore, choosing the right partners and verifying the integrity of them is a recommended prerequisite.