In any commercial marketplace, there are bound to be multiple companies vying for the same piece of the consumer loyalty pie. Even if you think that your particular good or service is unique, there are likely to be at least a handful of others that are offering something similar. If you want to build a successful enterprise, you will have to learn how to handle having competition. This is an essential aspect of our capitalist economy; everyone has the right to go into business, and may the best one win!
Some new companies may not know the best practices for dealing with their competitors, and may end up closing their doors because of it. After all, it’s not easy to find your niche, master your marketing, or create products that will sell well. However, regardless of your type of business, it’s vital that you learn how to handle your competitors. Here are a few tips to keep in mind:
Everyone has a right to be here, and nobody likes a bad sport. No matter how your competitors are behaving, always take the high road. Maintain your friendliness and courtesy. Never badmouth your competition, especially in front of your customers. Stay neutral and kind whenever possible.
Don’t stick your head in the sand about your competition; this is a fast track to losing revenue. Make sure you’re keeping tabs on other companies in your industry, and watching how they change their marketing, any new products they release, and, if you have access to this information, how their sales numbers fluctuate over time. Keeping up with your competitors is the best way to spot any foul play as well.
Sometimes, companies run into legal and ethical quandaries with things like intellectual property, breaches of contract, and/or unfair competition. If you suspect that a competitor has been behaving badly, or is taking an unfair amount of the market share, it’s best to nip it in the bud. Gather evidence to support your suspicion, and reach out to a qualified San Francisco business attorney right away, to talk about your options.
The most solvent and sustainable companies are the ones that are good at dealing with their competitors. If you want your enterprise to stand the test of time, keep these three tips in mind. And when in doubt, work with a qualified business attorney! Get in touch with us at Primum Law today and request your free consultation to get started.