Don’t Fret; Your Competitors Are Also Scared of You
In recent times, we’ve had people reach out to us as Triift Africa complaining of how uncertain they are about whether or not their business venture will work out since a lot of other people are already into the same business, valid in itself, but only a distraction from the differentiated service you are capable of delivering.
The truth is, businesses exist to provide solutions to basic human needs. Therefore as the world evolves and more problems are experienced, businesses come up with new solutions so hardly would you see a sector or industry without competition. So our big answer? if you want it hard enough, then go at it with a value proposition that captures the hearts of your potential customers. To put this concisely, differentiation is the name of the game!
It feels great to be the first to introduce a product to the market but would you still be remembered when other businesses come into the picture? bigger question, would you be the business they think about when it is time to make that purchase decision? will you always be top of mind for customers?Because what does it matter if you are the first? how much value do you capture for your business when compared to your competition?.
The first doesn’t always win the race; as much as you might not love to hear it, competition is great for business and the earlier you begin to accept and embrace it, the higher your chances of positioning yourself for success and winning.
Basic questions to assess your business performance.
Why are you in business and who is your target?
A pretty simple question that could get you stuttering if you haven’t clearly defined basic things like your business type, service rendered, niche, location, target customers and more. As a small and growing business, it is usually advisable to be identified with a particular product before expanding; that is why at Triift Africa, we are interested in small businesses and we focus solely on how we can create a ripple in the ecosystem that helps businesses survive and grow from #HustleToPortfolio.
Having pointed out your reason for being in business, you need to create a brand identity; building a brand is a conscious activity and your competition might already be doing it so well but it’s not too late for you. Get your small business a brand name, logo, clearly defined mission; brand identity makes your brand memorable and helps customers to identify your product at a glance.
Do you care about your customers? Or are you just in this for the money?
Creating your customers into brand advocates should be your focus as a growing business owner, you definitely need that free referral, think of it like making people your billboard that you do not have to pay for, that’s what good customer service does for you.
After a customer interacts with your business, do they get a feeling that makes them what to come back for more? What experience or loyalty benefits do you have in place to show a customer that you acknowledge their patronage? As a small business, you are at an advantage because you have a more personal interaction with your clients and can identify their specific concerns and areas they need help in as well as create personalised solutions to them. If your customers know you provide a relationship they can’t get at that big business, they’ll come to you first, people want to be treated specially, it is basic human nature.
You should read: Relationships, an ingredient to small business success.
What are your employees saying about you and your brand?
As your small business grows, you’ll need some employees, bear in mind that whoever you hire becomes an ambassador of your business and you can only get the best from them by treating them right. You could interpret this to mean, ‘do unto others what you what to be done to you’; if you want to be treated with respect, treat them the same way. Be concerned about their welfare, work condition, personal life and invest heavily in it.
Some big organizations get this right; they sponsor their staff to attend impactful trainings and seminars and they, in turn, apply the knowledge gotten to develop the company. That’s how they become assets. You might not have as many resources at your disposal but do the bit you can and watch them appreciate you. What your staff says in the presence of a client about you and your brand can either make or mar your business, so invest to make sure that they are putting forward and creating pleasurable business experiences for your customers. You can’t put a price on that.
Do you keep up with trends?
You can only be ahead of your competition if you are current and moving with the tide. If you aren’t keeping up with the trend, you will lose track of what’s new with your competitors and the latest preferences of clients. You must think about the competition, study your competitors and take note of what they are doing, what they are about to do and what they are not doing. But be careful to create your own path as a business and be intentional about having a personal touch to your business, you can’t borrow service delivery or copy style, try not to get lost chasing your competition that you forget to prioritize your customers.
Are your clients pleased with your prices?
As a young girl, my mum introduced me to a certain sanitary towel, I kept using it because I felt other products were inferior and I loved their advert concept. Growing up, I realized I cannot regularly afford as much of it as I need so I surveyed the market and found a new product that offered me 6 extra towels at a cheaper price. I went for it and haven’t looked back till today; I found more value and comfort in the new product. Apart from the perfect price, it had a minty smell which the other did not have; many of these big companies you are scared of are only operating on past glory, your small business can overtake them.
Read: How much is right? How to fix prices in your small business.
Watch: 10 Reasons to Compete.
What is your attitude towards competition?
In life, we compete for virtually everything, from sports to life achievements, talk less of something as big as our businesses. You need to start seeing your competitors as your partner rather than an enemy because you really won’t be able to learn effectively from someone you hate.
However, you still have the chance to stand out and be the next big thing. It is ironic that no matter how old some of these other businesses are, they also see you as their competition just the way you perceive them. They also fear falling out so they keep peeping at what you do; little wonder that the more competition we have, the more creative we generally get. It’s smart to also keep tabs on them and look out for loopholes in their business so that you can improve on them and attract more sales.
What other tips do you use in ensuring you are on top of your game, share your story with us on social media. Let’s keep the conversation going. Follow Triift Africa on Facebook, Twitter and Instagram.
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