Are your trying to build a business that’s successful and competition-proof?
So how can you achieve your goals as a small business to protect your brand against new and big companies?
We all know that no matter what your business is, you always have a competition. I’ve been in the online business for over a decade and I have watched startup businesses grow, and I can guarantee you, all niches have competition.
There are times when there’s new innovations and you would see it has no competition, yet. That happened with my business Craft Maker Pro, and also with other big companies like Yahoo, Nokia, and other technologies. But even with those, if they don’t have competition today, they will tomorrow.
Sure, there’s a lot you can learn from your competition, but as your business progresses, competition becomes more difficult. Shopping outlets and even online marketplaces such as Etsy and Amazon continually use their power to grow an increasing number of online sellers. Every product category has someone or a business that sells its products.
You can also see in Kickstarter that there are wonderful innovations that need to be funded, but even before they get started with their business, imitations of their products have already proliferated the market by mass-producing companies from China.
For example, I’ve seen this amazing product in Kickstarter called ‘fidget cubes” and the innovator was calling people’s attention to get pledges. After a week, his product has already been sold on ebay and amazon.
It seems like all categories has not been left untouched by people’s insatiable appetite to leverage their economies of scale and dominate the markets that small players have been servicing for years, if not decades.
On the brighter side, there’s an opportunity for every competition. There are still a lot of people that places importance on artistry, innovation and handmade. They prefer not to buy from big companies.
Now, how do you attract and retain their custom?
When your target customers have a lot of choices, competition is always fierce.
- How do you differentiate your business in ways that matter to your customers?
- How do you command premium prices and greater profit margins when everyone else is discounting prices fighting to break even?
- More importantly, how do you, a creative entrepreneur, gain radical advantage over your would-be competitors in an ultra-competitive marketplace?
Check this video by Marie Forleo to learn 3 guiding principles to build a customer experience that lasts the test of time.
So what are you doing to build and strengthen your brand? I hope this post helps!