Have you ever had to deal with competing businesses?

[Toyoabasi]

Sometimes competing in the industry isn't easy. Sometimes you encounter competing companies that want to drag you around. Have you ever had to compete with a company that did similar things as you? How did you deal with it? I've yet to deal with too much, but I have had to speak with competing companies in the past, but it was more for a team-up than anything.

I have had to compete with other companies.
When I was into printing business, around a certain block, there were many of those who did the same thing.
In such case, I had to draw customers by reducing cost.

 

[Seno inyang]

Do your market research before you do the launching.
Try to find out your competitive differentiation.
Build relationship with your competitors.
Keep track of your competition, but ignore the noise.
Know your past and future competitors.
Accept and play "the idea exchange" game.

 

[Tislad]

Yes because in my line of business been the poultry business there are so many completion because big farms with well know names steal your customers everyday and the only way to get them back is to try to meet up with your supplies.

 

[Adecyptii]

Considering the fact that I don't run any business currently,but I have seen this case,were 2 different companies are competing,the company with qualitative products tends to have lot of customers.

 

[Abigael]

I am currently working in a hotel which has a high competition with its neighboring hotel. The way they compete is so funny. The bosses stand on the door and keeps talking to customers to go to their hotel and not the other one.

 

[Justin]

I do not have any experience in this regard. However, in my opinion, there is no need to be afraid of competition in business. You can outsmart your competitor if you develop a good marketing plan

 

[eLdavis]

I am currently working in a hotel which has a high competition with its neighboring hotel. The way they compete is so funny. The bosses stand on the door and keeps talking to customers to go to their hotel and not the other one.

Haha, I have seen this happen in most occasions but it's usually the employees who does this, not the bosses. What about organizing a campaign?

 

[Bookwormlux1]

I do not bother so much about the competition on business as this is something that cannot be eradicated, so I make sure to offer top notch services always and retain my customers.

 

[joy101]

There are a lot of competition in business as a business owner you must meet such thing, because in any business you must compete with other.

 

[greenie]

Competitions in businesses are inevitable especially when more than one person is in the same line of business. My advice is to always stay focused and continue to research what will make your own business stand out.

 

[Kaffyfolla]

Knowing who your competitors are, and what they are offering, can help you to make your products, services and marketing stand out. It will enable you to set your prices competitively and help you to respond to rival marketing campaigns with your own initiatives.

You can use this knowledge to create marketing strategies that take advantage of your competitors' weaknesses, and improve your own business performance. You can also assess any threats posed by both new entrants to your market and current competitors. This knowledge will help you to be realistic about how successful you can be.

 

[Shigobad20201]

Definitely, all markets or sectors are now saturated all over the world now. The best thing to do as an investor is to ensure you are ontop at your industry and sell the best products and services to your customers to that they will always come for more

Most business sector always have business competition most especially if they are running their business in the same vicinity , you have to upgrade your product in order to win the competition.

 

[Skysaint]

It was not actually a company as I haven't worked or done any official business offline. I gained my experience when I was in highschool, I would buy stuffs outside and resell them to my fellow students who needs it at a higher price. But I wasn't the only one who was into this and it brought about competition amongst ourselves. All we did to get more customers then was to lower the selling price.

 

[Heatman]

Sometimes competing in the industry isn't easy. Sometimes you encounter competing companies that want to drag you around. Have you ever had to compete with a company that did similar things as you? How did you deal with it? I've yet to deal with too much, but I have had to speak with competing companies in the past, but it was more for a team-up than anything.

As far as I'm concerned competition is something that is very good for your business growth 📈 because it is going to make you to always be on the lookout for ways to improve your business.

 

[kayode10]

One of the simple ways to outshine your competitors in the marketplace is to create irresistible offer for all customers as well as potential ones. Make it difficult for your competitors to copy your idea so that they are not going to reduce the profit you are making from the marketplace.

 

[jay]

Everybody faces competition of some sought everyday in live not to talk of business. This is inevitable being that you're not the first to establish such kind of business. The capital invested and the skill of your trading will determine if your competitors will run you aground you run them aground.

This is actually what business is all about because once the competition is there you will always make a fault in order to make your business better so that your customers will always choose you first ahead of your competition.

 

[Kvngsammy]

One way to beat competition that I've learned from my parents is to always give the best value everytime. I've seen situations where others do same thing my dad does but can't compare because of how premium his services, office are

 

[Shigobad20201]

Considering the fact that I don't run any business currently,but I have seen this case,were 2 different companies are competing,the company with qualitative products tends to have lot of customers.

I am dealing with a competition in my business presently , I am into baking and also sells snacks and baking ingredient but suddenly another person surfaces in my environment selling only snacks but i am able to succed because I am giving my customer quality product.

 

[Heatman]

Facing competition in a business is inevitably good. It gives the manufacturer the privilege to improve on the products. So, the competition is what bring out the best in the company and it makes the customers have more beliefs in them.

This is exactly the same time I believe in as well because when you have a business competition you will always know that with any little bits take you're going to lose your customers to your competitors.

 

[jay]

Yes I was part of business which we started with my uncle and it is about gasoline station which started very well but after 2 years we have big multinational company open their service station and it impact of our sales and profit and it hurts lots as we lost almost 40% business within 6 months.

This is something that is very common in the market place where we have our business running on daily basis because you will have about 20 people that are doing the same business with you which if you're not careful you will always not get customers.