They say in life that there’s no such thing as an original idea, just original ways to execute them. And, throughout history, countless amazing minds have proven this to be true. After all, even Shakespeare took inspiration from stories that had come before, while Facebook has been surrounded in controversy for this reason since its conception. The simple fact is, no matter what you’re trying to do, the chances are that someone else is doing something incredibly similar.
This can be worrying, especially from a business perspective. In fact, no matter how many years you’ve spent developing your business plan, you may start to think that there’s no market for you. But, we’re here to tell you something, partner – there’s room for more than one sheriff in this town, and given the advantage that healthy competition can bring, you owe it to everyone involved to at least have a go.
The reality is, though, that you’re right to have some hesitation. This is a delicate situation and, while you shouldn’t let that stop you altogether, you will want to approach in the following gentle ways.
Do the decent thing
While it is true to say that there’s little love lost in the dog-eat-dog business of competition, this isn’t the wild west. You can’t simply move into town and have an old-fashioned stand-off with other businesses, at least not without early reputational damage. With that in mind, it’s always worth doing the decent thing and reaching out to any relevant companies.
This is especially pressing if you’re moving into a physical store up close to someone selling similar wares but, even online, there’s room for etiquette like this. Simply introduce yourself, explain the situation, and make it clear how your products/focuses differ. This clears any unwanted animosity, as well as giving you a potential ally in the rather threatening world of business.
Set yourself apart early on
While acknowledging similarities is important, it’s also vital that you set your business apart. After all, the new business without a customer base is soon going to suffer if you don’t do anything different from your competitors. Remember that loyalty still pays.
To overcome that potential setback, you need to seek the best sales strategies from early on, as well as thinking about unique ways to reach new audiences, and special-to-you marketing methods. As well as being a lot like a white flag to those other companies in your sphere, these differences will give customers far more incentive to check out the new guys. And, once they’re looking your way, you’ll be in the best possible position to impress.
Know their markets so you can know yours
Spying on your competitors has always been beneficial, but it can be especially useful if you’re about to enter an existing business arena.
That’s because, by keeping a close eye on things, you can understand who your competitor is selling too, and thus who you shouldn’t.
Admittedly, on the surface it can seem like appealing to the same audience would work. After all, they’ve done alright out of it! But, remember that loyalty pays, so those exact same customers are unlikely to be easily swayed.
Rather, you can use any knowledge you gain here to make sure you’re appealing to someone different. If your competitor has hit the millennial market, for instance, could you look ahead and instead appeal to Gen Z? If they’re doing most of their marketing online, could you take a step back towards in-person? There really is a market out there for everyone, and taking the time to find yours will soften the competitive blow, as well as helping you to find footing in your own right.
Look to diversify in future
Your survival in any business sphere relies on your ability to diversify/bring new value to customers over time. That’s especially the case in this instance, where you need to prove to customers why you, not your competitor, are worth their time. You’ll certainly struggle to hold your own if your products stagnate while those other companies continue to grow.
Hence why this last point is to focus from day one on the diversification that you need in the future. Being able to prove that you’re going places or simply changing your stock often will certainly give you the edge. What’s more, taking your business in a direction away from that of your competitors could mean that the market needn’t be half as crowded after all.
So, knock ‘em dead cowboy.
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