Your competitive environment is the external system in which your business functions and competes.
The more sellers you have in your particular area the more competitive that field is. You have direct those selling the same thing you are and indirect competitors still compete because they have a share in your customers
Because competition can be high both direct and indirect our goal in creating your strategy to get you ahead of your completion. As a small business you might be tempted to compete on price because of lack of confidence, or being new to market, but it is always better to compete on value.
Your strategy would be how to create and establish value through innovation, your niche, effective marketing strategies including branding, essentially being nimble, ready to change and adapt and being flexible using size to an advantage.
Use methods that are accessible to you and provide a wow customer service, efficient processes, building great customer connection and developing a passionate team.
WATCH THE VIDEO
Take the competitive test for your business :
Why does your customer want your product?
What are you doing that others can not - what is your USP or your brand fit
(how do you differentiate your brand in your industry in terms of value offering, in quality and uniqueness )
Working out what your customer needs is an ongoing process and crucial to establishing your competitive edge.
RELATED POST : WHAT MAKES YOU DIFFERENT?