Views: 5290What you should know about Business Competition
Competition could be related to prices, designs, sales, status, etc. However, running away from it and finding a simple path to walk on isn’t the best solution. Other companies should desire to compete against you, you should be that special.
Most of the competitors have the same products and the same target audience, so the main interest is to go ahead of others and highlight the point that makes you stand out. For example, McDonald’s, Burger King, and KFC, are in the same industry, have the same products, and use similar services.
In that case, what they do is understand the needs of customers, and realize their strengths and weaknesses. They have to constantly improve themselves so other similar companies won’t be able to leave them behind.
Competition between brands brings up many innovative ideas, many companies find their competitive advantage that can be utilized against others. What’s more important is that it can develop the business.
Vulnerability isn’t a Weakness
Despite wanting to seem as perfect as possible in front of the customers, it’s not that simple. Not everybody expects that every leading company will have extraordinary service or product and being honest about simple vulnerabilities is one of the winning steps, because customers feel more trust and appreciation for such companies.
One of the greatest examples is set up by Burger King. Numerous people have absolutely different ideas about it, however, the whole concept that they showed us was something that not many companies have dared before. Before the advertisement was created, the whole world was filled with rumors of McDonald’s non-rotting meat. So they showed the customers how their burger can be spoiled after some time because it’s made of fresh ingredients and is healthier. After seeing the video, you won’t forget it easily. No matter how you’ll look at it, it’s memorable and makes the company stand out.
Now following others’ footsteps isn’t a solution but learning from them could be important for any company. Because the concept is great but it shouldn’t be disturbing for the target audience. This type of campaign should be planned carefully to avoid any misunderstandings and help you to connect with the customers.
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Defining Brand Value
It’s important to define the most important values of the company, it can be a tool that you’ll use against your competitors. Every ideal that’s used in brand action and generally is related to brand identity will help the company to stand out.
Let’s imagine the scenario where Coca-Cola’s assets disappeared all over the world and they have to start from zero again. Lots of people would be convinced that they would do it without issue. They have their values, identity, and status, so lots of their consumers even would be able to help them rise up again. Because loyal customers always support their brands.
Maintaining Competitive Advantage
It’s interesting to know what’s the true value of certain brands in people’s minds. How much of their attention and memory capacity is related to them? Not everybody can remember any small details about any brand, but they always remember what’s most important to them.
Finding answers to their needs and getting a clear image of your brand in their minds, is another advantage that you’d be able to use to improve your customer experience and competitiveness as well.
Competition helps the Brand Grow
Competition is a driving force that improves not only one brand, but the whole industry. Without competition, the market is still. Without creativity and action brands have long-lasting damage and when there is no competition and zero motivation for improvement as well, we see dire results.
Healthy competition improves brands and helps them grow. It helps them to explore themselves more and discover new values that they can share with customers. What’s more important, it forces the brand to come out of its comfort zone. As an end result customers get more benefits as well.
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