How The Best Small Businesses Deal With Competition (And You Should Too) - Deepstash

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How The Best Small Businesses Deal With Competition (And You Should Too)

How The Best Small Businesses Deal With Competition (And You Should Too)

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How The Best Small Businesses Deal With Competition (And You Should Too)

Your small business is faced with a financially strong competitor, they can influence market prices as they see fit, and they have the latest technology on their side. What do you do?

Understand Competitive Advantage

Competitive advantage refers to factors that allow your companies to produce goods or services better or more cheaply than your rivals. These factors mean that you continue to generate more sales or make superior profits compared to market rivals. As a small business owner, you can find, develop,...

1. Knowing Your Competition

Find out who your competition is, what they have that you don’t and what you have that they don’t. The answers you get will form a major part of your competitive strategy.

Nokia relaunched its 3310 handsets in 2017, knowing fully well that it cannot compete with the likes of Samsung’s Galax...

2. Knowing Your Customers

Many customer research based on competitive advantage would usually focus on:

  • Pricing higher/lower
  • Improving quality
  • Shifting market focus
  • or Increasing advertising efforts

No doubt all these are good points but their focus is on the obvious & predic...

ERWIN SCHRODINGER

The task is, not so much to see what no one has yet seen; but to think what nobody has yet thought, about which everybody sees.

3. Identifying Your Unique Selling Point

Just ask yourself: What is the one thing I do better than anyone else?

As an entrepreneur, it is important that you have something that your customers can’t get anywhere else.

  • This is why Disney removed star wars and all its other franchises from Netflix.
  • This is why Elon...

4. Serving  Your Customers and Earning Their Trust

As a small business owner having loyal customers ensures that the threat of competitors would be unable to shake your profits.

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