There is too much competition in the market today. Here are a few tips to continue to exist in such a market. This is the first video on competition series. So let us begin.
Competition management
1. Avoid competition. (from 00:39 min.) Do not choose a field in which there are too many people, too much competition.
2. Innovate. (from 00:52 min.) Try bringing something new in the market. Come up with some innovative ideas.
3. Think differently. (from 00:58 min.) Think of something which others cannot.
A. Choose something where nobody can compete with you.
B. Choose something where there is no competition.
C. Think what new you can introduce.
D. Bring new idea (like manufacturing edible utensils).
E. An edge over competition that you have something different which no one else has.
F. Think new, think differently to capture the market.
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4. Never regret if your competitor takes your employee away. (from 3:52 min.) You are not the only one to face it.
A. It’s common. It can happen with anyone.
B. Everything is fair in love, war & competition.
C. Do unto others before others do unto you.
D. Cut throat competition.
E. Timid can’t survive.
5. Spy on the competition. (from 5:52 min.) Keep an eye on your competitor. See if you can learn something from him. Know what marketing strategy he is using, what offers he is giving.
A. Learn from his mistake. Keep a note of his mistakes and try not to make the same mistakes in your business.
6. Don’t exactly copy others’ strategies. (from 6:39 min.) Keep a watch on your competitor, what steps he is taking but do not copy him.
A. Watch his steps.
B. Bring out a different strategy.
C. Exact copy doesn’t go.
D. Change, mould and bring out something new.
E. A mix of everything. Learn from him and mix it with what you already know.
7. Learn from leaders. (from 7:38 min.) If you are a step ahead of your competitor, then you must know that your competitor would also be watching your moves. If you are below your competitor, then he may not be paying as much attention. Similarly, you should also look at your competitors who have a higher position than yours.
8. Be unpredictable. (from 8:16 min.) You should keep your strategies, your ideas, your employees intact in such a way that your competitors do not get the slightest of the idea about your marketing or business strategies.
A. If the bowler knows the set pattern of the batsman, he can bowl him out.
B. He should not be able to take the benefit of your strengths & weaknesses.
C. Competitor shouldn’t learn.
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9. Modify marketing strategies. (from 9:24 min.) Check if your marketing strategies have become stale or obsolete. If so, dump them and change them immediately. There was a time when you could continue with the same strategy for 20-30 years but the scenario has changed now due to increasing competition. You have to change strategies frequently.
A. It may be risky.
B. You may face losses.
C. Don’t stand in the middle of the road else others may pass over you.
D. Modify your strategies.
E. Profit nosedives if you do not change your business strategies.
F. Learn about every possible thing in business.
G. This is called business when you modify according to the market.
10. Think there must be a better way out. (from 10:38 min.) You have to continuously think about newest ways to survive in the market and beat your competitor. For instance, if there is a door in front of you, you can have the following options:
A. Open the door.
B. Break the lock.
C. Make a tunnel.
D. Jump over.
E. Go by the sides.
F. Break the wall.
G. May be it’s not locked.
H. Try try try
11. When there is a problem there is a solution. (from 11:25 min.) If you have already tried numerous solutions but nothing is working out, try one more. Still not working, try another one. There must be some solution. Keep trying till you find it out.
12. Battle field Vs Marketing field. (from 11:37 min.) In battle field, men go away and in the marketing field, products go away. If your product goes away, you may have to face losses.
So in order to survive in the market, you must keep thinking and keep trying the newest possible strategies to save your business from getting eliminated from the market.
To join business training or public speaking course by Mr Anurag Aggarwal, call us at 7834-99-9292 or visit www.anuragaggarwal.com .
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