How To Use Your Competitors To Fuel Your Success

 How Your Competition Can Lead To Your Success Online

It is easy to feel like an underdog when starting your business. You are the new kid on the block, the new product on the virtual shelf. You have no experience, no legitimacy. No matter what field, there are thousands of companies catering to that industry. There is also going to be, a big shiny competitor that seems to have it all together. Don't be intimidated! I'll show you how to use your competition as fuel for your company's success. 

Average Market Price

When deciding to launch a product it is important to understand the average market price for your product. You should know the average market price even before beginning production or shopping for raw materials. When you decide to venture into production, branding, and shipping, your product price should be way below the average market price in order to make a profit.

 If your market price is projected to be above the current market price, you must justify it to the consumer by increasing the quality of materials used or making it desirable by offering it to exclusive high-end customers. You can also go above the average market price by making the product customizable to each customer or to a customer base that will be willing to pay more for this product. This is how you use your competitors to determine the market price that will do well in the market.

Find A Target Market

You could look at your competition to determine the target market that is currently being served and the niche groups that are underserved in any industry. You never want to serve the same target audience as your competition. Your company will thrive when you find an underserved group within a community and cater specifically to them.

A good example of this is the sock industry, we all wore socks that were generic, basic, and cheap. Until the evolution into customizable socks. People now can wear socks with their names, their pets, and choose the colors they want. This is a more specific niche of consumers that are happy to pay more for socks with the face of their puppy.

Consumer Needs

In my country, we have a huge bank with ATMs nationwide and branches on every corner of every street. It's easy to open an account with them because they are everywhere, however, once you have an account, you get to know how unprofessional their staff is, and how difficult it is to get any issue resolved because of backlog.

If you observe this in any industry, you have very valuable insight that can propel your brand new company to success. Observe large, medium, and small businesses in your industry and look to find where consumer needs are begging to be met. Provide a solution to customer needs and you are as good as gold.

These are simple ways in which you can use your competition to fuel your success. Which one of these do you plan on using to propel your new company to success? Comment below and share with our community of African freelancers and founders.

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