Steps To Develop A Business Competition Strategy To Be Superior From Competitors

Illustration of business competition strategy (Unsplash/Firmbee.com)

YOGYAKARTA - Business competition is a challenge for business owners or entrepreneurs. Every business actor will always be involved in business competition, both old entrepreneurs and young entrepreneurs or beginners. Therefore, you need to develop a business competition strategy to be superior to competitors.

Many people think being a businessman is a fun and easy thing. Even though competition in the business world is very tight and tough. If you lose competitiveness to competitors, your business will be left behind and difficult to profit, potentially bankrupt. You are required to compete persistently, intelligently, innovatively, and of course in a healthy manner.

Developing a business strategy must be done since you are about to start a business. Without a strategy, your business will only run like a vehicle driving without a driver, map, and clear purpose. Therefore you must understand the following business strategy.

The business strategy that you need to carry out first is to analyze or research the market. Market research must be done before your business is launched or released. The results of this market research have become a provision for business owners to win business competition.

In market analysis, business owners will observe several things, such as market segments, customer needs, competitors, business trends, product quality, selling price, to weaknesses and advantages from competing brands. In addition, market analysis results are also taken into consideration by business owners to innovate.

One of the important keys in winning business competition is branding or brand recognition. How well your brand is known will greatly affect the sales of your business products. The brand awareness strategy aims to make your brand more recognizable than a competing brand.

There are several important elements in improving brand awareness, including brand name, logo, color identity, communication style, service, to packaging design. Make sure these elements describe your business identity. Make brands that have strong persona and have different uniqueness from other brands.

Business is the activity of selling good products in the form of physical or service to market targets. You need to pay attention to the quality of your product because that is what consumers consider the first time. Make good products so that consumers like, are comfortable, and not disappointed.

Make sure your product meets consumer needs and desires. Some components that determine product quality, including raw materials, manufacturing processes, shapes and aesthetics, innovations, to packaging. So make the product as good as possible and don't forget to offer the uniqueness or innovation of your product.

Good quality products will not be sold without accurate marketing either. So marketing or promotion is important in formulating a business strategy. There are various kinds of marketing techniques and promotional media that you can use. To find out the right marketing method, you must recognize your target market and customer habit trends.

In today's era, digital marketing is a very accurate marketing technique. The habit of using electronic devices to access online platforms has changed shopping habits. Now many people choose to live through online platforms, such as Shopee, Tokopedia, Facebook Marketplace, TikTok Shop, Landing Page, and so on.

You must take advantage of digital media to conduct marketing of your products. First, your product must be available online, or create an online store. Second, do promotions by creating content that is interesting and relevant to customers. You can present product photos, copywriting that lead readers, to shopping programs such as promos and discounts.

Those are tips for formulating a business competition strategy in order to excel from your competitors. You need to continue to evaluate and develop a bisni strategy because every time of time will demand changes and novelty in business.

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