How to Deal with Competition

Roman star Ovid said: "A horse will never gallop unless it is chased by a horse!"

Therefore, competition is not as outrageous as imagined. It allows backward companies to go out without wasting social resources. It promotes social progress and the market needs competition.

Today's enterprises are facing unprecedented fierce competition, so how can these marketing ideas, marketing processes and the purpose of understanding marketing help enterprises gain the greatest competitive advantage?

From the perspective of marketing, the competition between enterprises is ultimately for the ideal positioning in the eyes of customers in the target market.

Want to grab a good position, depends on the key word in marketing-value, that is, enterprises should have better ability and better resources to create, communicate and transmit more value for our target customers, so as to shape their own value proposition and occupy an advantageous position in the eyes of customers.

Here we need to start with identifying competitors, that is, identifying, evaluating and selecting competitors; The next step is to make a competitive strategy for the selected competitors, so as to help them participate in the competition better.

In other words, we must first know who to compete with, and then how to compete with it. The key is that enterprises should strive to convey value and satisfaction to target consumers.

In order to participate in market competition, enterprises need to find their own competitors first, so as to know more about competitors, compare their own advantages and disadvantages and analyze competitors.

Any industry should be very wary of competition and competitors, because these potential competitors may come from industries completely different from themselves. At the same time, identifying different competitors can also help us give full play to the advantages of enterprises when entering new competitive markets.

When identifying competitors, marketing needs to have two different perspectives:

Enterprises can jump out of the original industry competition, find new target markets that meet the same customer needs with themselves, and give play to their own advantages.

When you determine your competitors or choose the competitive market you want to participate in, you need to consider the competitive strategy of providing customers with excellent value and gaining competitive advantage in the market.

From the marketing point of view, we can analyze the market segmentation and market positioning in STP marketing, and understand these three strategies from two dimensions:

Finally, through pairwise combination, three strategies can be obtained:

After choosing competitive strategies, how do enterprises need to realize these competitive strategies? In practice, how to judge whether these competitive strategies are suitable for enterprises?

After determining the competitive strategy, enterprises need to coordinate their own resources and build their own products around the target market and value proposition.

In short, from the perspective of marketing, the competitive advantage of enterprises ultimately lies in the positioning of products and services in the eyes of customers in the target market, and it is necessary to convey to customers the value proposition that they can recognize and accept.

On the other hand, the important carrier of value is the product. We also need to understand the product strategy from the perspective of marketing.