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Successful entrepreneurs thrive under competitive pressures. Instead of viewing competition as an obstacle, they see it as an opportunity.
Dharmesh Shah, co-founder and CTO of HubSpot, writes, “You are often your biggest competitor. You should not completely ignore your competition, but the biggest battle happens inside of the four walls of your startup's office. Startups come down to pure execution of a strategy on a daily basis and maintaining the faith for the long haul. Most startups don't lose to competition, but because they lose the will to fight.”
Essentially, you are your own biggest threat.
Competition is good. In fact, a healthy rivalry challenges you to work smarter with the resources you have. To do so, leverage your team’s unique talents and build a business competitors wouldn’t dare challenge. Even if other companies in your industry attempt to undercut your prices and steal your customers, think positively about ways they can help your startup grow.
1. Avoiding complacency.
Sole suppliers in an industry quickly stop innovating simply because they no longer have any need to. Sadly, they unknowingly commit to maintaining the status quo. Competitors have a habit of keeping you on your toes.
2. Building brand clout.
Make it your mission to stand out as the leading authority in your domain of expertise. Your audience will admire your thought leadership and naturally choose you over other vendors.
3. Developing self-awareness.
Rivals force you to assess your strengths and weaknesses. Use your superpowers to create a more unique value proposition to customers. Understand your shortcomings and find ways to overcome them.
Related: How to Build a Brand That Attracts Die-Hard Followers
4. Encouraging differentiation.
Competitors will consistently try to offer better customer service, product quality and marketing. In healthy markets, buyers will demand the best solutions for their specific needs. Differentiate your offerings with the goal of creating tremendous value for the users you serve.
5. Exploiting industry trends.
Competition signals strong consumer demand. It provides validation for what you are doing. In new markets, this is an opportunity to promote an emerging trend that will get buyers and the media excited about your work.
6. Forming unexpected partnerships.
Create alliances with like-minded businesses. Exchange technology and tools, expand the overall market, cross promote each other’s products and collaborate on novel research to educate consumers. Perhaps one day, you might merge with, or acquire, your biggest competitor.
Related: 5 Secrets to Landing the Perfect Partnership
7. Mutual learning.
Watch the competition carefully. The knowledge and resources they have may be both better and different than yours. Actively learn from how they manage and grow their operation. Soon, you will discover ways to apply those lessons learned to your business.
8. Narrowing down a niche.
Someone will always be better than you at something -- and that is OK. Customers deserve the best products and services to fulfill their individual needs. To build a profitable business, focus your efforts on making a smaller segment of the overall market very happy. By narrowing your niche, you develop a competitive edge that deters further competition.
9. Planning long-term.
Without competitors, most firms get lost in the day-to-day exercise of maintaining their business. As other companies join the market, you will need to start challenging yourself to accomplish more.
10. Prioritizing customer needs.
Instead of focusing your energy on outdoing the competition, invest in becoming a customer-centric organization. This way, you will boost buyer loyalty and easily defend against aggressive suppliers or vendors intent on stealing your clients. At the end of the day, it is your users -- not your competitor -- who have the power to make or break your business.
Avoid letting rivalries turn sour and negatively impact your business. Invest in taking full advantage of the opportunities available when there are other companies targeting the same audience and buyer.
Related: 6 Reasons Every Company Needs a Customer Service Roadmap
Providing superior customer value is necessary, but not sufficient for success in the marketplace. Besides fulfilling the needs of customers, marketing strategies must build a decisive advantage over the competition. For this, a competitor analysis is the foundation: by identifying the 4 types of competitors in the market environment, the firm can respond with the right strategies.
The Competitor Analysis
A competitor analysis investigates the competing firms in the marketplace and reveals their competitive power against the own firm. For this, we need to consider the size and industry position of our own company. This is compared to the 4 types of competitors as revealed by the competitor analysis. Based on these two pillars – the own competitive strength and the power of the 4 types of competitors in the marketplace – the firm can decide how to position itself to gain the strongest possible competitive advantage.
The Competitor Analysis Process
How does a competitor analysis work?
Step one: The company constantly compares the value and customer satisfaction delivered by its products, prices, channels and promotion activities with those of its close competitors.
This gives an answer to a set of questions:
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- Who are our competitors?
- What are their objectives and strategies?
- What are their strengths and weaknesses?
- How will they react to different competitive strategies we might use?
Step two: Based on the position and performance of the firm relative to that of competitors, the company can discern areas of potential advantage and disadvantage.
4 Types of Competitors
In step one of the competitor analysis, the company will cluster competing firms in its market into 4 types of competitors. The cluster is an indication of the competitive strength of the competing firm – and thus an indication of the danger it means for our company.
Market leader:
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The market leader is the most powerful one among the 4 types of competitors. The market leader is the firm in an industry with the largest market share. It usually leads other firms in price changes, new product introductions, distribution coverage and promotion spending. In other words, it is the firm that dominates a market.
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Examples of market leaders include Nescafé, Chanel, Johnnie Walker, Coca-Cola, McDonald’s, Marlboro and Shell.
Market challengers:
The market challengers may not be the most powerful ones in an industry, but can still be the most dangerous ones due to their aggressiveness. A market challenger is a runner-up firm in an industry that is fighting hard to increase its market share. It aggressively attacks competitors to get some of their market share. For example, Lexus challenges Mercedes, Adidas challenges Nike, and Airbus challenges Boeing. The challenger might attack the market leader, other firms of its own size, or smaller local and regional competitors. Some runner-up firms will choose to follow rather than challenge the market leader.
Market followers:
Market followers are firms that just play along. They seek stable market shares and profit by following competitors’ product offers, prices and marketing programmes. In other words, a market follower is a runner-up firm that wants to hold its share without rocking the boat.
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Market nichers:
Market nichers are firms in an industry that serve small segments that the other firms overlook or ignore. Market nichers are often smaller firms in a market, but can even be larger firms that lack established positions. Market nichers avoid direct confrontations with the big companies by specialising along market, customer, product or marketing-mix lines. However, through clever niching, low-share firms in an industry can be as profitable as their large competitors.