Small Business – Dealing With Increasing Competition
A healthy economy is an economy where competition and free trade exist without restriction, regulation and with the minimal interference from State and its regulatory bodies.
Economist’s demand that free trade must exist and the economy left to the forces of supply and demand, all noble and well intended if you are not on the receiving or bankrupt end of the supply and demand curve.
Competition in all economies is very healthy and stimulates the economy and its consumerism activities; the consumer is making the final choice through their purchase decision, as a small business owner it is imperative that the consumer buying decision remains with your business outlet.
Price is the minor criteria on a consumers mind when making a purchase, so price wars are not the route to ponder when faced with competition, consumer’s rate “trust” as the most critical criteria when making a purchase decision.
Service Standards
Business enterprises that offer the same or similar products have only one discernible difference that they can offer the consumer, the quality of their customer service, the engagement, compassion, empathy, professionalism, and friendliness found in their service. Train your frontline personnel at least quarterly on customer service and communication techniques. If it is the only value-add to your product, it is then, a matter of life and death for your business.
Customer is King, Engage the Customer
The environment we create in our business is it an environment where the customer is king? Business owners are, loathe to create “kingdoms” for their customer, ergonomics, ambience, design, lighting and flows play the most important role in creating a kingdom for your customer using your premises.
Communication
Are we communicating with our customer?
Entrepreneurs who focus inwards will always answer yes; yet, the communication chain has many links to it in the communication process.
An example of communication links are;
1. Prices clearly displayed
2. Telephone number clearly visible and legible
3. All marketing media correctly laid out using AIDA principles and inviting the consumer to the business.
4. In store promotion, visible professional and informative
5. Is the marketing message contiguous with the product and service quality?
6. Guarantees in place, consumers choose peace of mind before price.
7. Regular updates via e-mail, SMS or information brochures, and pamphlets are important to the consumer.
8. Do not sell mud as chocolate the consumer has a sound knowledge base and education with a large range of consumer products.
9. Be honest, candid, and original in your communication.
Productivity
Check productivity level optimization for your business at least quarterly, the fundamental equation for productivity is output divided by input. One cannot compete with your productivity levels higher than the national average or your industry standard.
Complete Package
Dealing with competition requires that an entrepreneur participate on all levels with the customer engagement and experience criteria.
Look at your business, as a consumer would, never be complacent, add value to the consumers experience and life. Make friends with your customers they will eventually become like family.
There are numerous criteria comprising the complete customer experience, create a list, and work toward revolutionizing your customer service.
My passion for business and art is unmatched, having spent most of my life rescuing businesses that were bound for imminent failure, Business success is elementary, often clouded by human emotion and prejudice..






