What actions to tak when the competition becomes stiff

[Toyoabasi]

Some businesses suffer big damages due to stiff competition that they close shop out of frustration. This situation is evident in restaurants where the area is full of the same type of business. One wise businessman said it is not the discounts and promos that would bring the customers but the TLC in service - tender, loving care. Customers prefer to be pampered and treated as not just a guest but a longtime friend.

What to do?
Promote your brand.
Get to find out what other competitions do not have and incorporate it. Let customers know that you have a upper hand.
Get more flexible with customers and ensure customer satisfaction.

 

[Josan]

Like I said in a post sometimes ago, in my business I don't compete with anybody but then my colleague in the same line of business can be a motivation to me in a bit do better than I do. So I'll set out to upgrade.

 

[kayode10]

You can develop a unique selling point for your products in order to stand out among the competitors. If the competition is too much for your capacity it will be very good to look for another segment to target.

 

[Immilash]

I like competition ,it helps me to introduce a lot of things which are not present, treating people with love and care helps us to retain our customer, I don't want a situation were by customer's are treated rudely.

 

[Immilash]

I like competition, competition helps me to introduce a new things that are absent , I dont like a situation were by customer's are treated rudely, we slek deserve to be shown love and care.

 

[Good-Person]

Being nice to a customer does not work all the time. Discount and pricing is also one of the biggest factors. However, as far as I know, in this case location plays an important role. I do not think that it would be a wise decison to start a businesses in an area where there are other same kind of businesses.

 

[Seno inyang]

Find and then solve your customer's pain points.
Find a niche in the market via storytelling and specialization.
Set competitive pricing.
Change your business to stay ahead of your competition.
Provide great customer service.

 

[Stnicholaz]

Some businesses suffer big damages due to stiff competition that they close shop out of frustration. This situation is evident in restaurants where the area is full of the same type of business. One wise businessman said it is not the discounts and promos that would bring the customers but the TLC in service - tender, loving care. Customers prefer to be pampered and treated as not just a guest but a longtime friend.

You are right some customers see discount and promo as an "insult" to thier to their status and some see cheap restaurants as a no go area for them.
So rather than giving discount and promo channel the energy on improving services by treating each CUSTOMERS as VIPs.

 

[Lens]

The write up is very educative and very incisive. I must confess, I have gained lots of things from the thread. It's not in all cases that the reduction of the price of goods or products would make one generate high sales. The customer service is also of utmost importance. You should always treat the customers like Kings .

 

[Immilash1]

the point is clear. showing tender love and care to our customers will help us stand competition. many people likes to be treated like a long time friend, many people likes it that way.

 

[Justin]

If I was running a business and if the competition was stiff, I would launch better products and I would do aggressive marketing, You can survive the competition only through better competition and marketing.

 

[Kaffyfolla]

Not only do you need to know what your competitors are doing, but you also need to be able to forecast what is going to be relevant in the future. We spend so much time trying to beat each other at the same game instead of proactively strategizing to meet demands yet to come

 

[Godspower]

When competitors step up in business, you have to think and initiate plans to outdo them in order to remain relevant. Regular discounts and promos will make your business stand out while still doing you best to increase the quality of goods or services you offer.

 

[Laurentta]

I totally agree with the wise businessman. Most entrepreneurs fail to understand that customers have to be satisfied in other to patronize your business again and also bring in more customers. There's a saying that goes like this "happy customers are retarded customer".

 

[Wiserr]

that's the best thing to do. you also need to show your customer TLC (tender, love and care). many customers wants to be treated tender and in a lovely way. you can you this to retain your customers.

 

[Wiserr]

that's the best thing to do. you also need to show your customer TLC (tender, love and care). many customers wants to be treated tender and in a lovely way. you can you this to retain your customers.

 

[Toyoabasi]

Find and then solve your customer's pain points.
Find a niche in the market via storytelling and specialization.
Set competitive pricing.
Change your business to stay ahead of your competition.
Provide great customer service.

Yes.
Set competitive pricing; customers would prefer purchasing from some one else who would same the same product at a cheaper rate. Also, get to know where you're slacking from customers and make adjustments.

 

[Keibah]

That is the best way to deal with stiff competition. When customers are made to feel like family, that's the secret and they keep coming back.

 

[Abasiama40]

When faced with competition in business, you should improve your quality of service to your customers and treat them well at all times.

 

[kinqzbitz]

Well when the competition actually becomes stiff I try to work more and advertise more so I will get the result I need and having a stiff competition doesn't mean you should give up at any point