How To Be More Competitive
Don’t assume that being competitive is all about price. Focusing on competitive pricing is a race to the bottom, in fact the your best customers prefer value for money over lowest possible price. There’s even a strong argument to avoid customers that make buying decisions on price alone.
When was the last time you reviewed your Business and Marketing Plans? Or conducted competitive survey of your local competition.
Phuket is a highly competitive location and supply often eclipses demand. Gaining a competitive edge doesn’t have to be a big expense, know your customers, know your business numbers and don’t be scared to get creative.
Just because someone else is already established in a market doesn’t mean that they’re delivering on their promises. If you can do better, that’s a strong basis for market entry.
Finding your Unique Value Proposition requires a good understanding of your target market, your competition, and your industry.
Your UVP (sometimes known as USP – Unique Selling Proposition) is the thing that makes you stand out from the crowd. It’s more about creating a memorable impression with your target audience than being better than everyone else, although that helps too. What do your customers want most, what do they identify with your company?
What makes you stand out?
Identify a business attribute that makes your customers happy. Preferably something that is easy to remember and simple to describe to friends. Next, link that concept to you branding and make sure it’s always part of your promotional messages. Be sure to pick something unique, that your competition can’t copy or improve on.
NEW BUSINESS / STARTUP
Look for overlapping interests
Imagine how popular Diet Chocolate would be? A hypothetical holy grail that combines two huge and extremely active markets (chocolate & weight loss). Overlapping interests can also create a smaller niche market. These smaller groups can be easier and more affordable to market to.