Banks are evolving daily and with it comes new products and branding to try and keep up with the competition. In the midst of all…
One thing that business people are constantly faced with is competition from other businesses dealing in the same niche.
Let’s take an example of a person selling first foods hapo kwa barabara kando ya shule.
John’s hypothetical case study
So we have our guy John who deals in smokies and eggs and because of a lack of competition, John slacks in his service delivery and people start complaining, but without any viable competitor around he doesn’t heed much to the Lamentations of the clients.
A month later, Mary notices what’s going on and so she does her own research and comes up with two cutting edge modifications that will help her serve her customers better.
Mary decides that she will add boiled eggs on her list of products to sell and therefore she has boiled eggs and smokies to offer.
Secondly, Mary decides that she will be putting on an apron, something that John with his arrogance sees no need of doing.
After a while business picks for Mary and dissatisfied customers from John’s place jump ship for better services on Mary’s stand.
The resolution by John
After a while John decides to evaluate his business and why his fortunes are dwindling and he makes the realization that he has not been treating his customers well.
He makes there solution to buy an apron and always keep it clean and on top of that, he diversifies his products and so he adds boiled eggs and kebabs to the list of items he trades.
A little while later people are now interested in what John has to offer in the form of kebabs so they start trickling back and now it’s Mary’s turn to think of something else that can help her stay ahead of John in her game.
As an entrepreneur this is basically your journey and competition is inevitable.
Competition should not spell doom for you, but should be seen in a positive way as being enlightening and at the same time a creativity and innovation trigger.
To keep up with competition, observe the following as an entrepreneur:
1.Customers make businesses so treat them well and with respect.
2.Be ready to embrace change as remaining obsolete could spell doom for you business, think if John didn’t change his approach in the face of competition from Mary.
3.Accept defeat and go back to the drawing board as many times as need be. Success is not an overnight phenomenon.
4.Ensure you get feedback from your clients on your services. Pay special attention to negative feedback without being emotional,there’s always something to pick out when it comes to complaints.
5.Remember most importantly getting ahead is easy but staying ahead is the real deal. Focus on staying ahead not just getting there and lasting momentarily.
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