Take your Competition Positive : Don’t just compete
We are all well acquainted with the kind of problems wedding vendors have to face when marketing their products/services. After a great deal of time having been spent in thinking about the price of the product/service you finally arrive at this one amount, which looks fairly reasonable to you. But what you do not realize is this price could only be allowing you to scrape through given the prevailing wedding industry conditions. Therefore, the wisest thing to do when you are in a competitive market, do not compete on prices with your competitors. Instead, focus on offering a superior product or service.
In this case, you have to employ the product differentiation method. This implies that you make your product/service more attractive to customers or you could also offer certain special services and maybe a more superior quality product than just modifying your price. The clients of today will pay more for this better improvement of the product than they will for you having changed the price of your product. The market is always in a state of competition and given the situation, it is understandable that small business houses will always want to compete to be ahead of everyone else and retain their position in this mad market race. But if you look on the flip side, you can always learn from your competitors and if necessary employ their strategies and plans to make your business climb further ahead, not only climb further but also maintain this position until you get better and reach the top of the ladder.
Here are certain suggestions which should be borne in mind before you get into an all-out competition with your rival firms. If you want to compete with them, you should know everything about them and not just enter the ring in an ignorant fashion. Improvise on our research team skills and make all the necessary arrangement required to study your rival firms. Through your team and based on their research you could also study the target customers and know them better. Your rival may have been in the business longer than you think and even though the initial stages of investigation may feel extremely unethical, in the end you will realize that it was all for your own benefit.
Even though this next suggestion may sound absolutely preposterous to you, it is essential that you give it a thought. You can also be friends with your competitors. In one sense, yes they are your rivals and they are working just as hard as you to get the position at the top or maintaining this spot so that firms like yours do not usurp it, but on the other hand you may be able to understand them as individuals just like yourself. Befriending them will benefit you because you never know, but in the long run both you could require each other’s help and it will even be advantageous if you co-operate with them and maintain a cordial and healthy relationship with them.
If you are angry that you rival firm has overtaken you in some way, do not fret and ponder. Instead use the opportunity to learn from competitors and use their way of functioning as your own. May be copying your competitors are not such a good idea and understanding the basis of their analysis and thereby applying your study in other similar situations.
It is important to understand that even if you maintain cordial relationships with your rival companies, your competitors like any other profit maximizers are looking at increasing their profits and climbing the steep to success. While there are some that may play the game fairly but there are many others who would stop at nothing. They use inappropriate means to finish first in the race and stop at absolutely nothing. This is a very important business truth which should be remembered and it is precisely for this very reason that you as a business owner should have adequate resources to see that no one gets dirty and meddles with you.
By reducing or increasing your price, the sales of your product is not going to be altered. It is only when you can offer something extra to the never-satisfactory customer that you achieve your desired sales and gain the customers’ support.You’ve probably already put a lot of time and thought into setting your prices, and if you’re like many wedding vendors, you may be barely skimming by on your current prices. That’s why it’s usually not a good idea to match the competition when their prices are lower than yours. Instead, focus on offering a superior product or service. Customers and clients will pay for it.
