At some stage during a business’ lifespan, it will need to face some form of competition. Be it a new company on the rise or a long-established brand that it needs to best, competition is a part of business and helps companies and products advance. There are many fronts on which businesses can compete, but here we’ll be looking into how businesses have either managed to conquer very competitive areas or are still competing to get ahead.

Match them and then go one step further

One of the most popular ways for businesses to compete with each other these days is to price match. Price-matching schemes and comparison websites are very popular with customers as many of them seek the lowest price and don’t consider any other factors. But what’s a business to do when they’re offering very much the same as everyone else and still want to stand out?

In these instances, a little bit of innovation is needed to create a new trend and to draw in the crowds. It’s seen with some entertainment retailers who offer small gifts with new highly-anticipated products, and is best displayed is the ever-competitive iGaming industry.

In iGaming, as the market started to grow, platforms would offer new customers bonus funds when they made deposits. This offering became so popular that it’s now the status quo for all iGaming websites. Everyone was offering hundreds of thousands of dollars and then free spins for new players. Customers soon began to find that the bonuses were too convoluted, requiring a deposit and coming with wagering requirements.

So, in an innovative move that has started to sweep across the industry, platforms began to offer no-deposit bonuses. With these, new players only need to sign up instead of making a deposit to get the bonus, immediately making the offer more appealing than the much larger figures presented by the standard bonuses. Now, more and more online casinos are presenting this form of bonus, trying to follow in the footsteps of the original innovator who has benefited from the appealing bonus for a lot longer.  

Offering the best experience

Sometimes price matching or advancing advertised offers aren’t a possibility due to the type of industry or the costs required to do so. In these instances, you can try to win over more clients by offering the best customer experience possible. It was found that 86 per cent of customers are more than happy to pay extra for a service or product if they get to enjoy a better experience.

One of the most pro-user services in existence is the internet which was forged to allow everyone greater access to global information. The inventor of the internet, Tim Berners-Lee, once said that with the World Wide Web, people could escape rigid sequential organisation to find paths of information and references that served their point of interest, making finding related information much easier.

It was this way of thinking and the potential that it spawned that led to the rise of the internet and is the base ethos as to why Google defeated Yahoo. It’s difficult to imagine a time when Google wasn’t the dominant force of search engines, but at the turn of the millennium, Google had close to one per cent of the market to Yahoo’s 56 per cent. By 2002, Google had closed the gap on Yahoo to just 4.5 per cent of the market, with Yahoo being reduced to 36.3 per cent.

Yahoo tried to build their engine around the established method of organisation, in which you’d effectively search for titles to find something of relevance. Google, on the other hand, allowed people to search through individual pages to find something relevant while also prioritising pieces of high value. Yahoo’s regimented format limited the customer experience to what they endured in establishments like libraries. Google embraced the digital space to improve the customer experience and make it easier to find relevant information, coming out on top.

If there’s a standardised way of trying to appeal to customers, see if you can mix it up to offer something that stands out instead of matches others. But when it comes down customer preferences, the experience takes precedence. Dealing with various vendors for your business is not really easy.  You can check out : https://vendorinsight.com/third-party-risk-management/ for some help. 

Published by James Howart