At a young age and want to run a business or business, it’s perfectly legal. However, creating a business strategy is very necessary so that you are successful in facing a competition.
Indeed, in this all-digital era, many young people your age decide to become entrepreneurs or businessmen. As a business person, what you must have besides capital is skills and passion in doing business itself.
Along with the times and the passage of time, there are currently many young businessmen vying to attract consumers. When there are many consumers whose names are money, it will definitely come by itself.
Not a few too, you know, those who decide to do business but falter and end up experiencing losses aka out of business. There are business strategies that will make your business win in the face of competition.
After all, who doesn’t want their business to be successful and earn a lot of money? Surely from you competing, yes, you will innovate in business and finally enjoy the sweet results.
Get to know the term business strategy
For those of you who want to decide to do business or are already on this track, you must know what is meant by the term business strategy. Before developing your business, you really need to have a strategy so that it doesn’t go to waste later.
A business professor from Harvard Business School Micahel Porter explains fundamentally that the strategy is divided into two, namely doing what other business people do (red: more efficiently). It’s like doing things that other business people can’t do.
For him, the two things above have opportunities for those of you who want to successfully run a business and these two points must be applied. Point one means competing on the price aspect with competitors.
While the second point, you can just be more economical or not. In essence, according to Michael, strategy is when a company can only achieve success when it has a unique position in its marketplace.
How to face competition in business
Take the following steps so that your business wins in the face of competition, (Illustration/Pixabay).
In running a business there must be such a thing as competition. We often encounter this when running a business, both on a small and large scale.
Whether it’s from the goods sold to marketing techniques. In this all-digital era, marketing methods for selling are also diverse and increasingly creative. Therefore you have to pay attention to how the steps are so that you win in business competition.
a. Offer competitive price
In opening a business, what you definitely find is dealing with competitors. You and your competitors sell the same type of product, therefore setting a competitive price is very necessary.
Offer the price of the product you are selling that is not far from your business competitors. Usually, if a businessman decides to sell goods at a higher price in the market, it will be very difficult to sell.
Unless your business is deliberately targeting people in the upper middle class with the support of luxury facilities and so on.
b. Do healthy competition and don’t bring down competitors
This must be done by business people in order to create a conducive business situation. Never ever issue a statement that brings down your competitors.
This is very “unlawful” for those of you who want to do a healthy and creative business. And when customers provoke you to reveal the ugliness of competitors, try to answer in polite sentences.
c. Give good service to win in business
Well, this is very easy for those of you who are running a business. When you sell or offer a service or product, try to provide good service to your customers. Don’t let customers complain about the poor service of your business.
If it’s like this, the existing customers will run to your competitors. Serve your customers well, starting with a smile and ending with a smile back.
d. Adding product types and having a target market
When opening a business, this one business strategy must have been out of your head. Well, selling products or offering services must be in accordance with the target market you want to target.
For example, if your target is teenagers or millennials, try adding products and producing items that are often used by young executives.
e. Do the right promotion
Promotion is the most important part of running a business. Therefore, the promotion must be appropriate and creative to attract the attention of potential consumers in order to get regular customers.
There’s nothing wrong with doing your research first before running a promotion. Take advantage of the power of social media to promote the products and services you offer.
Well, those are the steps in a business strategy so that your business wins in the face of competition. Be smart in every decision you make for the business you have built. Good luck!