The Tribune

By DEIDRE BASTIAN

In a world where competition is so intense, it is sometimes difficult to differentiate and build your own identity. Difficult, but not impossible. However, keeping your business up to speed with ever-evolving market trends and competition is a challenge regardless of how we view it. Businesses should never underestimate the power of competition when determining their next move within the marketplace.

Competition in business is crucial as it drives innovation, encourages efficiency and ultimately benefits consumers with lower prices, better quality and more choice. Striving to give consumers a better product also reflects well on a brand, as it represents its commitment to meeting customer needs as since the firm receives feedback and applies new insights.

I wholeheartedly believe competition in business is good. It is good for companies because it prevents complacency, demands innovation, and drives teams and products toward continuous improvement. It is also good for society and the wider world as it gives us all something to aspire to, keeps us moving forward, and we are all consumers who are the chief beneficiaries of this

There will, though, be pitfalls and, more often than not, it is easy to fall into the trap of believing everything we do is right and everything a competitor does is wrong. It is also dangerous to believe that everything our competitors are doing, we should be doing, too. Here are some things that I have learned through personal experience which will help to guide brands along their own journeys.

So: You have developed an idea for a product or service. Now you have to research your market and think along these lines. Do you know who your potential customers are? Are you convinced they will buy your product or service? Is someone already doing what you are doing? What are their strengths and weaknesses? What makes your product or service unique?

Analyse the Landscape

As you figure things out, you should be learning from your competitive landscape, such as paying attention to the product and service trends customers are responding to and, of course, what is inspiring and attracting top talent. This can range from basic to profoundly sophisticated. However, keeping a close watch on your landscape will help ensure you are keeping up, which is typically required to stay ahead.

Connect, support and build relationships

Competitor relationships do not have to be adversarial. Companies can learn from each other and support one another. Well, maybe. But, more importantly, just because your competitor does something does not necessarily mean you should be doing that, too. This goes back to proper analysis without falling into the obvious trap of becoming a carbon copy. Remember, you are in business because you have unique value, which propels you to continue forging your own path towards new points, constant evaluation and evolution.

Differentiate your brand

If you have done a good job analysing your landscape, then it should be pretty easy to recognise where you fall within it. Try to align the brand image with your target demographic’s values and interests, which can help you market effectively and develop meaningful connections with your customers.

To compete successfully, ensure that shoppers understand what is unique about your goods or service so that it outperforms the competitors’ offerings. This observation is key, for when competition drives prices down consumers have more disposable income and spending power. For instance, when someone shops for groceries with a fixed budget, the less each item costs, the more products they can buy.

And let us not forget when consumers have an excellent shopping experience, or receive great customer service, they often become loyal customers. Repeat customers are often critical to a company’s bottom line, so cultivating more enables you to earn and keep more market share.

Think about this. If consumers know they can trust you to treat them well, they will select you over competitors and perhaps encourage others in their social networks to come on board.

To make your business stand out, create a unique business model based on your values. Be innovative, solve a problem, narrow your target market, focus on superior customer service, create offers that are irresistible and, most important, make it difficult for competitors to compete. Until we meet again, live life for memories rather than regrets. Enjoy life and stay on top of your game.

• NB: Columnist welcomes feedback at deedee21bastian@gmail.com

ABOUT COLUMNIST: Deidre M. Bastian is a trained graphic designer/brand marketing analyst, international award-winning author and certified life coach.