- Make the differentiation
The success of a company in competition is that it can make the differentiation of products .This means their products are special in customer’s eyes. And they notice as no others but your company can have this type of products. Of course, it must be a good and value for money product. However, to have the difference is a very difficult job .It depends on many factors.
- Look after well existing customers
The purpose of this work is to keep loyal customers .As with this way, you can get a great number of customers that can be the target of competitors. There are many programs need doing: giving vouchers, loyalty cards, free delivery ..for your loyal customers
- Know clearly about competitors
It requires you need a good information system to update changes in strategies of competitors to have reasonable adaptation .When know about competitors , you completely understand their strengths and weaknesses .From that, giving more effective competitive strategies
- Find points that are better than others and let customer know
As we know, there are so many competitors that sell the same products. This will create a variety choice for customers .And what companies need to do is finding the better point of theirs and let customers know .When did this work well, customers will pay much attention to your products and eliminate other choices to get the best.
- Develop quality of product and service
A company known by high quality products and good service is probably believed than others. Even when the price of products is high , customers still are willing to pay a big amount of money for worthy products. Therefore, if competitors reduce the price, it is not wise to reduce our price immediately too just due to being afraid of losing customers. Focus on quality is a good way to get customer belief and meet their expectation. Moreover, it will help enterprises have an advantage comparing to others
- Notice changes of competitive market to have suitable strategies
Based on information and data gathered from the system, enterprises can predict actions of competitors. With changes of general competitive market , business owners need to consider and find the best choice for their situation .Because there are many types of competitive market: monopolistic competition, perfect competitiveness…