Hello, and welcome back to our blog here at FRF Consulting Group in San Francisco. This is part two of our blog series about how to beat out competition in a competitive market. Last time, we took a look at analyzing your competition, not being afraid to one-up your competition, and avoiding competition over pricing. Keep reading to learn several more helpful tips.
Don’t Ignore Startups
Even once you’ve seen a lot of success in your industry, don’t hold up. It may seem like you’re so far ahead of your competition, they’ll never catch up but that’s not the case. Remember, it took just two years for Facebook to reach 50 million users beating out Myspace in what seemed like a heartbeat. The same thing could happen to your company if you don’t keep a watchful eye on trends in the market. Always prepare for the worst, but at the same time, don’t make any drastic decisions that could sacrifice your customer base.
Introduce New Products Slowly
Remember, your repeat customers expect certain products from you. If you just completely shift your focus to a new product or service solely because it was successfully done by a different company, you’re going to have a hard time retaining your customer base. Just because your competition sees success with a new product doesn’t mean you will. Introduce it slowly and gather information from your patrons and their thoughts before fully making it a part of your company.
Saturation Can Mean Opportunity
It may seem like a saturated market means the end of the road, preventing your company from progressing any farther. Although this could certainly be the case, it’s more likely that your company just needs to take the lead in innovation and pave a new road for the industry. You’ll be surprised at how effective this can be!
Don’t Give Up!
It can be discouraging having to compete with a company that’s better equipped to handle the market than your company, or simply one that has more money to throw around. However, as long as there’s a demand for whatever you’re selling, there’s a way to sell it. You may have to get really creative and use some unconventional means of getting there, but you’ll get there eventually.
Contact FRF Consulting Group
FRF Consulting Group is your top-rated business consultant in San Francisco. We take a ground up approach when it comes to improving your business meaning we’ll work with you to help you understand the basics of running a company and help you brainstorm ways to stand out in your market and see significant growth. If you have any questions for us or you’re ready to get started, give us a call today.