Monday, April 11, 2011
It is inevitable, every business has competition. There's always going to be another company that offers the same or similar products/services as your own. As the saying goes-- There's nothing new under the sun. In order to grow a strong, successful cosmetic company, you must familiarize yourself with the competition and learn how to compete. Most people understand the concept of competition, but not everyone knows how to compete effectively.
The biggest mistake I see startups make is trying to make a product too much like one that already exists. What I find fascinating is that usually companies start out with a very unique idea yet end up with a product that is not equally unique. I know exactly how it happens because I've seen it a time or two. In the midst of studying the competition and seeing what it is that people like about their products, you start to convince yourself that consumers will only find use for products that are just like the ones that already exist. Oh ye of little faith! Give consumers a little credit... they like what they like until something comes along that is.... drumroll.... BETTER. Understand that an existing company has already carved out it's fan base. There are consumers who use those products loyally because of product performance and the relationship that has been built over time. To introduce a product to the marketplace that virtually already exists is a huge risk. It's challenging enough to convince consumers to give your product a try so when they do try it, give them a reason to keep coming back. The key to being able to compete and (ultimately) win, is to stand out. Below are my 5 tips to winning in business:
1. Decide what you want to sell and who you want to compete with.
2. Get to know what your competition has done to find success.
3. Improve on what your competition has to offer. **When I say improve on the competition, I don't mean take their exact product and add a little something to it. I mean study the benefits and results their product. Find out what their fans love about their product and then develop your own product that tops the competition.
4. Customize your product/brand to suit YOU ie your personality, style, thought processes, etc.
5a. Market it.
5b. Market it some more. Branding and visibility go a loooooonnnnng way in getting your product(s) the attention they deserve.
If you follow my advice, you'll be well on your way to thriving business.
Here's to the Glam Life!