Competitors are on the market because your customers want to have possibilities to choose. They are not because of you. They are there because of your current and potential customers. But, what you can do when competitors attack you?
Yes, your customers want to choose, they want more than one option because they know that if there are competitors and they need to choose between more options they will receive better value for them.
In such a way, on a market there is you, your small business, your products and services and your competitors, their business and their products and services. You want to take as much as possible market share, and your competitors want and really hard work to take as much as possible from the market share. This is the battle that will never stop, and you need to be aware that competitors will always look to find different ways to attack you as an entrepreneur, your small business as their competitor and your products and services as their competitor’s products and services.
Now, what you need to do when competitors attack you with all their powerful weapons?
Let’s look at some of the tactics that will make you more prepared to handle such battles when your competitors attack you.
1. You need to be ready in advance about possible attacks.
Before everything else that you can do, you need to be aware that in every moment you can be attacked by your competitors. Sometimes, the attacks will be invisible, but sometimes they can be really significant. Sometimes they can be announced from your competitors, but sometimes they can be unannounced. Because of that, you will need a really intelligent system that will allow you to follow different competitor’s behaviour and make the right decisions when it comes about possible attacks from their side.
When you know that you can be attacked at any moment, you can easily prepare yourself with all possible tools and tactics that you will use when you find yourself in such a situation.
2. You need to answer to their attacks with proper improvements in your company.
Sometimes, you may think that they attack you because they want to hurt you, but in many cases, if their attacks are legitimate, it is the best sign that you will need to make some changes in your own work before you start with the counterattack. If they attack you on your products and services, then improve your products and services. If they attack you on your business processes, start working on the improvement of your business processes.
Your best answer in such a situation is to improve your business, to become better from the competitors that attack you.
3. You need to make a counterattack when competitors attack you.
The third thing is about counter-attacking. When you are attacked, one of the tactics that your small business can use is to start counterattack with which you will want to defend your business and go into the new wins for your small business. Again, this counterattack also brings you another important improvement in your business.
4. You need to be close to your customers.
Because, when competitors attack you, they simply want to cut your impact and your value in the eyes of your customers, you will need to handle a really close relationship with your current and potential customers. That means you will need to work on building and handling your own community around your business. The community that will always be prepared to help you when you are attacked by your competitors.
5. You need to expand your market.
And yes, as the last thing you can start thinking about expanding your market and add additional value to your current achievements that mean growing and improving your business. There will always be additional possibilities outside your current market. For example, if your small business runs locally, why you don’t think to expand it nationally, or if it runs nationally why not to run regionally, or if it runs regionally why not to run globally.
Question: What type of tactics you are using when competitors attack you?
