The level and amount of competition is the deciding factor between the success and loss factor of the market. As the market is small in nature, it contains one or two products. However, if the scenario is demanding where you end up more than two products; it is very likely that your market may become saturated sooner rather than later. Try to market a specific product to a specific audience.
Taking into account the size of the market, it is advisable to determine your comfort level in order to assist you in confronting the competitors at hand. It is believed by many experts that if you are passionate to be a salesperson, then the task of dealing with the competitors become easy and you start enjoying the competition. If it is the other way around, it is better to switch your business to some other market.
The 20th century has witnessed some incredible builders where they made their way through tough competition. For instance, in 1920s, the Walt Disney Company laid the foundations of its huge empire on the unknown art of child like sketches which later came to be known as cartoons. The business was surrounded by hard hitting competition environment that included the Great Depression, the Wall Street Crash and World War 2. It was beyond the expectations of the experts that the business of cartoons, being considered as silly, would overcome some of the toughest crises in the world s history.
Hence, it is advisable to spend a great deal of time in studying and analyzing the competitors both on the grounds and online. You can start by the most basics questions that are outlined below.
1) What types of products are they selling
2) What range of prices have they adopted for their products?
3) What are their major and minor strengths and weaknesses?
4) In what ways can your business compete with rivals?
In the case of your business, you can ask the following questions.
1) Is the product or service you are selling is new and right for now?
2) Have you refined the market down to a potential that you can cater to and something that is relevant to 2010 or 2011?
Although, there is no hard and fast rule, a good rule of thumb states that rather than competing with your rivals on the same strategy, implement a different and fresh angle that the competitors are either lacking or you believe you can capitalize on it much better. In this way, you have the better chance to outclass your competitors.
Last but not the least, try to use personal branding. In the world of today, overcoming the strong competition (that encircles direct and indirect, local and foreign and online and offline competitors) involves making a close and personal relation with your targeted or customers. In other words, you have to own your product or service in a quite distinguished manner compared to the sterile environment of yesteryear.
The combination of the above mentioned strategies will lead your business to success in the long term.
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