Hey Friends….
What is competition and self-drive to you? Do you know what it takes to be in competition with other market players? How best are you ready to handle competition both in the workplace and marketplace? Are you competitive or self-driven?
I have been faced with different levels of competition especially in the workplace and even as a business owner. But as an entrepreneur, your competition is on a broader scale. The question that always pops in my mind is that “Do I bear this person’s name or surname? Is my business model same as my competitor?” Even if I do, “What will make mine stand out?” I am always convinced that as an individual, I am my greatest competition and not my neighbor because we are all created differently. However, as a business person you need to understand your market competition in terms of pricing, product quality and product value.
This article is not focused on the theoretical or scientific approach to Competition in business. It is aimed at defining what preoccupies your mind as an individual and a market player. Given the dynamics of the market situation, there will always be a business idea that looks like yours and
may even be better than yours but there is always an opportunity to create a market niche for yourself. This market niche will stand you out among the pack. You will have to develop that niche as you grow your business. Creating a unique selling point (USP) for yourself, will draw customers to you, sustaining their loyalty is another aspect you must consider.
Human behaviors change but there is a constant attitude discovered in humans. The expression that says, “first impression lingers longer” is very important. Once they develop a strong sense of loyalty for you, they will be your best unpaid marketers/referrals. This is because you have taken into considerations different factors that may affect your market value thereby increasing your position as a competitive player. A case in point is the popular brand called, Coca-Cola. This company has maintained a strong market niche for themselves, from having a unique taste to
creating a strategic marketing campaign that is one of the most successful campaigns in the world. Though other cola brands are on hot chase with them, they have been able to employ different measures to keep market value at the top. Another important brand is the tech giant, Apple Inc. that has produced many unique phones, tablets and computers.
However, given Apple’s history of product success, there has been stiff competition to stifle them out of the market, in terms of product quality, operation system features, security, etc. Regardless of how they sue so many competitions for patent infringement and the likes, it is imperative that Apple keeps itself continuously creative in terms of ideas and outputs in order to stay competitive. In conclusion, it is not a crime to be self-driven as a business person, but you must also be unique in order to be competitive and stay relevant in the market. At the commencement of the business, you are self-driven in terms of achieving customer loyalty, brand establishment, market position, etc but when you have settled, be ready to stay relevant by becoming competitive.
Cheers, friends!
Culled and edited from More.ng
Post submitted by Dayo Esther.
