How to Tackle New Competitors in your Industry?
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How to Tackle New Competitors in your Industry?
Fremont: Competition to a certain level is healthy. It keeps one at nerves and also keeps the adrenaline rush to succeed alive. But when it comes to the new fledgelings in the industry, it sometimes become a dirty game. A game with three tactics; cash, communicate, or buy or bury the competition. But this pollutes the entire industry and even the ethics of the company. Every day we come across new startups emerging in the respective industries. They come with new ideas, technologies and a hope to do better than their existing competitors do. This creates an environment of fear for the existing firms to lose the market share and their brand image in the market. Whatever may be the situation, it is better for the companies to be safe and play safe. The existing companies who fear the newbie can choose healthy methods to either avoid competition or overcome them. Competition shows you that your product is in demand while indicating that you are doing something right and also benefits the customers by reducing the price of the product in the market. It is important to decide the growth strategy that is right for your company by either improving the products or services to segmented groups drawn from your current target audience. You can also infuse new features in your products to grab the attention of the lapsed customers and revitalize the sagging market share due to the new entrant. You can see several successful examples of line extensions by a brand to capture the leftover market. There are companies who extended their product offerings that were specifically meant for women to men. This helped them to expand their market in terms of product serving and customer category hence improving the presence of brand in the market. This helps the company to serve the changing need of the customers. If a life extension does not suit your business type, then it will be better to opt to target a new niche market and offer your existing products or services with enhanced and relaunched version of the current offerings. It is also important to create uniqueness and differentiating factor for your products or services. This can be better done by answering the questions like what is it that the consumers are willing to buy in the market now and how can your new product or service add value for the existing as well as the new customers. Every new entry in to the market takes a portion of the share of the existing one making it more essential to understand who your new competitors will be. Identify what your competitors are trying to bring to the market through their products or services. This will help you to effectively position your brand against them. Also, your products or services should have certain traits in them that will help consumers to easily segregate it from your competitors. This can be done by wisely infusing the elements that add value for your customers. Decide on how new offerings will stand apart as a better value and option. For such benefits, it is important to better understand the segment of customers that you want to serve through your offerings. Offering is new product or service will not benefit the business until and unless it reaches the perspective customers for whom it is meant. A proper and strengthened sales channel is as important to the success of an organization as the products or services are. Deciding on the sales channel in prior will help you to focus more on the type of products you need to make and the methods to entail for it to reach the customers. An effective marketing program at place to tackle the new market is essential and can be done by knowing the channel through which your products are going to reach the consumers. A war can be won without any bloodshed, or holding a sword. All is required is more of in-depth market knowledge and a need to keep an eye on the activities of the competitors. Be prepared with your boxing gloves just in case you need it. A healthy competition where dignity and hard work destine is what every entrepreneur expects.

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