Competitor Definition, Competitor Benefits, and Smart Way to Overcome Them

competitor

Basically, competitors are business competitors and they are very common in the business world. Every business that is built must have its own competitors. Whether it's only one, two, or even dozens of competitors, each of these competitors must be competing to get the same customer.

For this reason, all careful preparation is needed so that the business is run can win the hearts of every consumer. This is even more so if the business to be built has products or services that have been found in the market. It takes a newer and more brilliant idea to run it.

The level of competition in the market will be much more difficult if your competitors have been around for a long time rather than the business you are going to start.

Definition Competitors

As previously discussed, competitors are one or more business competitors who have the same products or services as your business. They are often seen as a challenge or a risk that must be conquered in order for the business to be run to be successful or to benefit.

If you mistreat them, then they too will have a serious impact on your business. Starting from consumers who prefer your competitors, to making you bankrupt.

Mis-treating competitors will have serious influence and impact. Starting from consumers who change direction to making companies that are owned out of business.

So, what are the competitors' benefits?

If you look at it from a positive point of view, then competitors are actually able to provide good benefits to a business. well, here are the benefits of competitors.

Giving motivation

It cannot be denied that competitors are indeed capable of providing positive things to a business, because they are able to spur you to always be able to provide the best for your customers. Starting from the level of service, maintaining product quality, to creating new innovations and creativity in your business.

You, as a businessman, will later be able to evaluate and also get shortcomings that your customers have felt and disliked. all of these things are done so that there are no gaps that can be exploited by your competitors.

Improve Businessman Performance

The strong motivation felt by every businessman will certainly have a good impact on the performance of a business. so that you will become even more excited to catch up with your competitors, and even overtake them.

The biggest impact you can feel is likely to be increased profits because the performance you provide for your business is getting bigger too.

Always Think Better Than Competitors

A good businessman is someone who is not always in his comfort zone and always thinks better in terms of strategy so as not to fall a step behind his competitors.

The presence of competitors will certainly make you a businessman to think outside the box and think of a good marketing strategy again. For that, try various new things that are currently developing.

Getting Loyal Customers

The various efforts that you have done before will certainly give you satisfying results, such as the presence of loyal customers who always buy products from you.

The main reason is none other than because you are able to provide a variety of satisfying services, good product quality, and various good marketing strategies. So, your brand can survive even in tough conditions.

Your customers will feel that all of their suggestions were heard by you because you were able to improve yourself to keep up with market trends.

How to Deal with Competitors Smartly

1. Don't Be a Copycat

The first step to take when competing in a business is not to be a copycat. Even though there are many competitors in the market who have the same products and services, that doesn't mean you have to imitate the things they display and provide to consumers.

For that, you must immediately throw away such thoughts. Copying will only make your product worse for consumers because they think your business is plagiarism.

For that, try to position yourself as a competitor whose concept you stole, of course, you will feel annoyed and make business competition unhealthy.

2. Don't Get Careless with the Competition  

Ignoring competitors is a mistake because it will have a big impact on the business. You. at any time, they might steal your loyal customers.

Even though at this point you may feel that your product is the best product, but your competitors will still try hard to outperform your product in various crazy ways. For that, you must not be careless with the competition in the market.

3. Don't Underestimate a Competition

Another way that you should not ignore is not to underestimate a competition or trade competition. There will be new competitors every day, hour, minute, and even second that can threaten your business.

They will come in various types, shapes, or sizes from various existing business gaps. They come with exactly the same goal, which is to defeat you.

Besides that, you also still shouldn't underestimate the small competitors, because sometimes they are the more dangerous and more threatening for your business.

This can be seen from the number of large companies that fall due to bureaucracy in their own companies, but new companies or startups are always moving nimbly and faster under the radar.

They will be very brave to take shortcuts and dare to take big risks. For that, avoid underestimating your competitors, especially small competitors.

4. Don't Play Dirty

As a businessman or entrepreneur, you must always be wise and smart in taking steps in every decision you make. You don't have to take revenge when another competitor is able to steal your regular customers.

If they are like that, then you have to evaluate your business, whether there is something wrong or something that needs fixing or if they are doing something sneaky.

Competitors who dare to do cunning things, it is likely that do not prioritize customer satisfaction, they are only pursuing profit. When your loyal customers realize this, surely they will come back again to buy your product even though it is more expensive.

For that, you don't have to do anything cunning, because anything that is done cunningly can never last long.

Causes of Business Competition

Choosing the wrong location

Selection of a business location is the most important thing that must be considered when opening a business. The wrong choice of location can be the cause of the presence of competitors. It could be that all the ideas and plans that you have thought of with a trunk can be stolen by your competitors just like that, and they can open their business in other places that are considered more strategic.

So, every time you try to make a good ad campaign, what your customers think of is your competitors, because they are more familiar with the products or services offered by your competitors, even though the idea was yours.

This of course will have a tremendous impact on you

Products Not Able to Meet Consumer Expectations
As previously explained that building a business cannot be done carelessly. You have to do your research and analysis. As a good businessman, you must know what products are selling well in the market. That way, your business will be busy automatically.

However, if these conditions are not fulfilled by you, then your customers will certainly not be interested in the products you offer.

Taking the wrong steps

Before you implement any marketing strategy, you must consider all the possible implications for your company. don't let the various strategies that you have thought of will fail because they cannot run optimally. Later, this will be seen as an opportunity by your competitors.

This reason will also give birth to new, more powerful competitors. Those who initially did not intend to open a business will be tempted and open a business in the same field because they saw your failure.

Closing

Based on the explanation that we have discussed together above, we can conclude that competitors are business competitors that you should not underestimate, be they small or large competitors. You cannot completely eliminate them in the market.

However, they are not a big threat as long as you can accept them and deal with them in a good way. Because their presence will motivate you to always look better in serving your customers with your various strategies.

One of the good ways to deal with them is by implementing better marketing strategies, financial management, and inventory management than competitors.

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