Competition Archives - Supply Chain Game Changer™

How to Beat Competitors With Your New Business!

A company’s effective strategic planning relies on an analysis of competitors’ pricing, allowing them to optimally position themselves in the market. A study found out that companies who used competitive price strategies based on data analysis, increased their sales volume by 25%.

Unfortunately, in-depth analyses can lead to misguided conclusions that cause fallacies in business decisions and lead to loss of revenue.

One such fallacy is focusing on prices set by direct competitors while ignoring the indirect ones that pose threats to the market. Outdated knowledge, which arises from irregular analysis, is also a problem.

These problems can be either solved or mitigated with advanced software such as Dealavo, which provides comprehensive market overviews that aid in pricing decisions. This short piece will provide skepticism on the five most popular mistakes made while analyzing competitors’ pricing strategies.

Competing against Amazon? You Need A Blue Ocean Strategy!

As a new business owner, it’s up to you to help your company reach the top of the industry and beat competitors. Of course, such a thing is easier said than done, especially when you consider how competitive most industries can be. Many other companies have developed tactics to get the attention of their (and your) target audience for years. It might seem like a lofty goal if you want to beat competitors with a new business due to the odds stacked against you.

However, just because there are long odds doesn’t mean you don’t have advantages over the industry. You have examples of successful businesses to use as your roadmap, allowing you to benefit from the trial and error of your competitors. Here are a few best-practice methods to beat competitors to help you get started.