Every so often, a new competitor will emerge in your market with something better than what you have and will steal business from you. Sometimes it may be the new ice cream shop down the road, sometimes it may be Google. Whatever it is, you’re loosing business because of it. So, what are you going to do?
What you shouldn’t do is nothing. The situation won’t get any better if you leave it alone. You need to take action for the sake of your business.
There are a few things you can do:
- New marketing techniques. Think of some new, creative way to market to potential customers that the competitors haven’t taken full advantage of yet. Come up with a creative marketing campaign that would take the focus away from your competitors. Be creative.
- New Products. Come out with something that is better/cooler than your competition. Find something that would set you apart from your competition; offer something your competitors don’t offer.
- Niche Markets. If the new competition is especially fierce, than you can resort to niche markets. Find a niche within your market and focus on catering to that.