The advent of the pandemic corona virus and restrictions on businesses made it possible for every business sector to evolve daily in their sales strategies.
Quite a lot of businesses have adjusted their policies to the sudden hit of the recent pandemic. Today, the world of business has become a situation of the survival of the fittest and only those who knows their onions survive.
This reminds me of an old saying that you can not catch a new monkey using old tricks. The jungle, that is the world of business has matured and only those with the technical know how will triumph. It is therefore paramount that you know how to handle competition in your business.
Below are two ways by which you can handle business competition.
1. Know your industry
It would be a sign of nonchalant attitude for any entrepreneur not to be on top of their games at this moment or not to upgrade their knowledge about their industry in this pandemic period.
The advent of the internet has made information cheap and accessible to all, therefore, gone are those days when knowledge was expensive.
Ignorance is a disease that can only be cured by knowledge.
Therefore as a young entrepreneur, you must have vast knowledge about your industry. A writer suggests that you read at least a book every month about your business and in less than 10years you would have become an expert in your field.
Research your competitors, get to know them and buy from them especially those who are doing better than you. Study their business model, get to know how they render their services and find out why they are more preferred.
Now, don’t stop there. Take actions with the information gathered.
Knowledge is a vital part of life, however knowledge not applied is just another piece of information.
2. Create a Unique Selling Point( USP)
In creating a USP, you must be able to answer the following questions:
Why should customers buy from you?
What is the value that you are offering the market? Is this Value peculiar to your business alone?
Your Unique selling point is the summary of your vision in one word.
You must be able to communicate your USP clearly and quickly when meeting with prospective clients.
Your USP is your power of sales.