MANAGING COMPETITION WITHOUT STRESS IN BUSINESS
ompetition and business are two sides on one coin. While the competition must be high, the business must also keep on running and vice versa.
However, as business people might enjoy the rewards of their businesses, they usually remain not so happy with the competition aspect of it and yet this should be the first and most treasured aspect of the business. A good business person needs to be motivated by the competition and not the other way round.
The following are some of the common tricks that one should employ in managing competition namely: the pricing, customer care, social media incorporation, product designing, and feedback evaluation.
CPricing is everything in business. It benefits both the customer and the owner of the business at the same time price has the capacity to make any business less favourable in reality. Therefore, strategic pricing becomes the key to a successful business in the sense that, the entire organisation has the potential to either grow or face challenges. In other words, it is relevant to note that good pricing strategy helps you determine the price point at which you can maximise profits on sales of your products or services.
When setting prices, a business owner needs to consider a wide range of factors including production and distribution costs, competitor offerings, positioning strategies and the business’ target customer base.
The business world is made of serious competition especially in the world of technology where the customers are always being bombarded with messages about the products on market.Therefore, making your business standout in such demands offering an extra effort of customer care of which it is paramount to take note of the nature of customers one has and what best approach to use that would enhance a profitable relationship between the business and the customer. Therefore, raising your business profile is a vital task to take into consideration. Though there is no one way of standing out of the competition in relation to customer care, it is important to ensure that customers get the right information at the right time about the right product. This kind of approach helps in building confidence and satisfaction for the customers in using the product. Remember that customers as consumers are looking for help, support value about a given product. Therefore, by taking advantage of this thought can to some degree complete your strategy for customer care.
According to Oracle, 89 per cent of consumers would move to a competitor if they had a poor customer service experience. Today thanks to social media, customer service has become an almost real-time exercise. Twitter is now one of the most used channels for consumers to contact the businesses they buy from.
Moreover, consumers are using their experience of a business’ customer service support as a means to differentiate businesses in any given market, which they use to decide where to spend their money. Making a personal connection to them is critical. SpotOn revealed that 41 per cent of consumers buy from businesses that send personalised emails.
It’s a simple equation: the better your customer service the more customers your business will attract – and more importantly – retain over the long-term with high levels of loyalty.
More to that, according to customer service specialist Amy Clark, 53 per cent of customers define bad service as feeling unappreciated when seeking help. Forty-two per cent describe it as an encounter with rude or unhelpful staff. When looking at customer comments online, you'll likely run into similar statements often. Customers clearly value respect, so your agents should be trained to be patient and provide the necessary support to the customer at any given point in time.
Product designing is another factor that has attracted a lot of attention in the aspect of business competition. This is based on the notion that customers are always looking for satisfaction of which comes from having an ideal product design which would meet the need of a given customer.
Though sometimes one’s business can be caught in a situation retailing where you do not need to design the product as per say, but it is relevant to point out that when we talk of improved product designing, we mean making your product different from others despite of it being similar to some degree.
Therefore, this calls for creativity and innovation regarding improving the nature of the product. Always think of how your product can stand out from others. Seek ways of improving the image, packaging and to some degree handling of it by the consumers.
This art of making an improved image of a given product is what makes your brand and business different from others. Remember that any monopolistic business usually became the key player in any industry, but these monopolistic features are made of creativity and innovation from the business owner. Never think that your business will always be doing the right thing all the time. Therefore, constant evaluation of performance becomes key since this would bring about informing you the true nature of business. Therefore, develop a system that would enable you have a better form of evaluating performance from both the customers and employees. Remember as a business owner, you are always managing resources from both the perspective of customers and the employee; which is also the human resources. There input about your business means everything to you as the owner. However, most business owners are faced with challenges of incorporating these two factors in the entire strategic growth of their businesses of which eventually brings about total loss. It is always a good practice to listen to your employees especially when it is business related, these people are always on the ground and in contact with the customers who are the final determinants of the business’s survival.