5 Strategies To Turn Competitors’ Advantages Into Your Strength In Business
If you sit down to analyze well, you will find out that most of the businesses competing against yours have more finances, more human resources, more marketing strategies and more ‘everything’ than you do.
So you ask yourself, how do I beat them? Simple! Turn their biggest advantages into your strength. The first thing to do is to figure out what their biggest strength is.
Here are some practical strategies to use your giant competitors’ strength against them:
==> Add Value: Pick a basic product and give it a special appeal. You can advertise it as a status product or make it special by adding more value to it.
==> Commonize: If a product has always been associated with class, you can downgrade on it by reducing its concept thereby making it available for the common people.
==> Consolidate: Look for products or services that go together but people pay for each one separately. Turn them into one and offer them in a bundle. Convenience will make customers patronize you more.
==> Dissociate: This is the opposite of the third point. Get services or products that people buy in bundles and break them down into smaller units. You will discover that most people don’t need all the components. They will come to you because it is cheaper to just get the particular product they need from you instead of paying for whole bundle.
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==> Relocate: Many giant businesses are well grounded in certain areas. Why compete with them in that region? You have a big advantage if you relocate and sell their version of product or service in areas where they are not.
If you have beat your competitors with some strategies, do share with us.