How does another business compete with a dominant competitor in the industry?
There is a dominant competitor here in the middle east in the IT industry. They have comprehensive products, many customers, +40 years of experience, many awards, and financial and social power. Our main problem is with the final product and the value that we offer. Nothing else.
Whatever we change in our content and what we say to the customer, and whatever feature we add to our products, it is still similar to their product which in result, may make people think that we copied from the mentioned competitor. For example, add a mobile application to the website? They have it. Multi-currency? They have it. Make it formal? They have it. Make it cheap? They offer their services for free in exchange for a commission from sales. It's like they act in a way to block other companies to move in the market in an indirect way.
We decided to ask here and get some fresh answers... maybe somebody has an exact experience to share with us. How should a company act in such a situation?
Looking at the brief, I understand that your competitor is a very well established business in the industry. The best way that I could think of is that you must provide personalized and customized solutions to your customers.
Your competitor will be having all the same features that your product has, but I am sure since that company is very well established so they would be little hesitant in providing customized solutions to the customers and this could be your positive point to compete with them.
As in the end, every customer loves a customized solution that suits their own business models and processes.
Hope this helps.