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INTRODUCTION

Competition is a business rivalry between companies or firms that offers similar products and services with the aim of making good profit.

Competition is healthy for every business, this is a hard truth to accept but it is really good. Competition encourages creativity, innovations and inspires perseverance.
Instead of fighting competition, you can combat competition by getting to know your competitors and using information about them to your own advantage.
As much as competition is good and healthy for your business, it is necessary you learn to stay ahead of competition or move with the trend of the competition.

STRATEGIC WAYS OF COMBATING COMPETITION

• BRANDING:
  Invest heavily on your branding. If you must stay ahead of your competitors, have a distinctive brand. Make your business to be unique, stand out through unique professional touches in your brand. Also invest in your business environment. First impression matters a lot in business. Let your business environment look well presentable and appealing to the eyes.

• QUALITY PRODUCT AND SERVICES:
  When it comes to what you offer as a product and services put in your best. Let there be a touch of excellence in your product and services. Find your niche, focus on meeting a specific customer need to the very best of your ability.

• UNDERSTAND THE COMPETITION
  To understand the competition, you need to examine your market by way of market research. To know more about market research, you can visit my post on market research. Look out for loop wholes in your competitors business and utilize it. Check out what they don't offer and fill in that part of the market demand.

• INNOVATIONS:
  One of the most important way of staying ahead of competition is being innovative. Try to find out new things that can work in business. Join the moving trend. By constant innovation your team will always be focused on achieving company goals. For instance this is social media era, take your business online and explore the online market. There are many companies that had been in existence for ages and they are still making waves till date, it's because of innovations, if there are no new business ideas, the business will be stagnated.

• UTILISE PARTNERSHIP BENEFITS
  Partnership is one thing that can help your business a lot. Partnership will provide you with some sort of opportunities that you never had before. To know more about partnership, you can visit my post on partnership in business.

• TAKE CARE OF YOUR TEAM (BUILD A TEAM SPIRIT):
  Most times, your product is as good as your team. When you make your team happy by way of compensation, they will give you their best.

These and much more are strategies of handling competition and staying ahead.
Most times in business, customers kept coming and kept going as they come and you keep wandering why...?
It is because, there are things you are not putting into use.

REASONS WHY BUSINESSES LOOSE CUSTOMERS EASILY

• LOW QUALITY PRODUCT:
  Every customer wants value for their money. Don't assume they are blind and can accept anything presented to them. If your product and services is not good enough and you are not ready to improve, they will look out to better business oriented persons.

• LACK OF GOOD CUSTOMER RELATIONSHIP:
  If you or your staffs lack good communication skills and doesn't establish a good customer relationship, it will be easy to loose your customers to your competitors.

• UNATTRACTIVE BUSINESS ENVIRONMENT:
  People appreciate what they see first before experiencing it. Everyone likes good things a lot, including beautiful business environment. Take care of your business environment, it is part of your branding. Invest on your business environment.

• LACK OF INNOVATIONS:
  When you are not innovative enough as a business owner, it will be a big disaster to your business. Customers expect to see new things every day, in your branding, product etc. That is why most businesses higher business development managers. Be innovative, add good vibes to your business. Let your customers be impressed everyday in your new development, exceed their expectations; this way you will not easily loose them.

Handling competition is easy, always review your market regularly and face the challenge as a learning experience. The best way to combat competition is by focusing on your strength as well as constant innovations, it will really help you stay ahead of the competition in the market.

Thank you for reading through my post.
Much love from @talktofaith.

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