Three pertinent questions to help you level the playing fieldOct 21, 2021
It doesn’t matter what industry you’re in, you’ll always have competitors itching to gain control of the same market share.
You know who they are.
If you’re going to outdo them, you’ve got to understand them.
To better understand the competitive landscape, you’ve got to see things from the eyes of the customer.
Examine how consumers choose products and services. If there are only two viable options for a given consumer, they’re probably selecting one based on specific factors– whether this is price, value, quality, or experience provided is up to you to find out.
So how do you separate yourself from the pack?
Pricing is the low-hanging fruit, but you can’t always win in that arena.
One of the keys to understanding how to compete successfully is to understand the concept of
monopolistic competition - when a company or entity has decided to set their prices so low that no other company can compete effectively, preventing price competition among businesses.
If this is the case in your industry, you’ve got to think outside the box – starting with the value you offer and your branding.
- “How are we delivering value to our customers in a way that isn’t being done elsewhere?”
- “Can we focus more on the experience we’re offering customers?”
- “How well are we communicating those unique value propositions in our messaging?”
Want to learn how to develop messaging that clearly conveys what you’re all about and draws “your people” in like a magnet? Click here.