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.
One of the biggest problems for a small business is keeping up with big businesses.
There are few tips which can help you:
1. Great Customer Service. Small business is more flexible, you have the ability to develop a deeper, stronger, more personal relationship with your customers. You can make decisions quickly.
2. Innovate Easily. Large companies have the budget to develop new things, but time is of the essence.
3. Improve Efficiency. Innovative ideas don’t have to be brilliant new social media campaigns or the implementation of cutting-edge technology.
4. Connect with Your Audience. One of the great benefits of being a small business owner is the closer connection you have with your target audience.
5. Attract the Best Employees. Employees make your business, so naturally, the better workers you have, the more successful your business will be.
Business Coach from Mcessay
It seems like your market is highly competitive and you need to think outside the box. The government of UAE is highly emphasising on technological advancement and this is what every company in UAE is competing for. In addition to providing customised solutions, how you are representing your company in the market is very important.