ELIMINATING COMPETITION

Business involve the activities of planning, directing, conceptualizing, strategizing and controlling people, things and events to achieve organizational goals and maximize profit. If the business must grow, it must overcome challenges. Some of those challenges come from competitors. Any business that must survive in this 21st century must deal with competition. It is almost impossible for anyone to claim novelty of a particular idea. Whatever idea it is, someone is either doing it or is also thinking in this line as you. Competitors are the people that motivate you do better in your services. Without competition, most businesses would not treat their customers nice, not improve on the quality of their products and services and they would not improve their way of doing business. Business is more fun and interesting with the presence of competition. Every business wants to operate at the blue ocean where there are little or no competitions at all. To operate at the blue sea, you must have squashed all your competitors.

Elimination of competition is one aspect of business that give CEOs much concern. They always asked where did this competitor come from? Why can't they just leave us alone? Why are they stealing our idea?

To subdue or eliminate competition, you can apply the following practical ways;

1.     ACKNOWLEDGE THEIR PRESENCE; The sooner you realize that you are not in the race alone, the better for you. No business empire is safe from competition, you must know that everyone wants to be successful and people are not just folding their arms and doing nothing. Successful businesses identify and analyse their competitions before they commence operations. The fact that you can't see them today, doesn't mean they don't exist. They do! Its a matter of time, they will surface.

2.     IDENTIFY THEM; Consciously seek out those who are in the same business with you. Who are they? What do they offer? How are they offering it? What are their strengths? What are their weaknesses? How many percent of the market are they controlling? At what price are they offering? Etc. Also identify other products that can serve as substitute to your own. Know thy enemy! 

3.     FORTIFY YOUR BRAND; The corporate world is a battle ground. Everyone is in it for the profit. Conduct a SWOT analysis of your organization. Find the loop holes. Carry out simulations to find whether your strategies actually works. Find the weak links and seal them up. Develop yourself and your staff for aggressive take over. Improve on the quality of your products/services, if possible, repackage your product, develop an excellent customer relations. Also cover legal loop holes. Fortification strengthens all areas of your business. 

4.   LAUNCH AN AGGRESSIVE TAKE OVER; Launch a full scale promotional campaign and sales strategy of your improved products and services with the intention of regaining back your market. Show no mercy to your competition. Do not hold back any strategy when launching a full scale marketing communication.

5.     EVALUATE RESULTS AND RELAUNCH; Your competitors are just as desperate as you are to dominate and control the market. So expect them to come at you with force. Anticipate retaliation and have a strategic counter attack plan. Evaluate the results of your previous strategies and be sure you are not making mistakes. Its a continuous circle that must not end if that business must continue.

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