Wednesday, November 30, 2011

Survival of the Fittest

We found out just a few days ago that someone we met and talked with previously decided to put-up a competing business.

Considering the effort that we put in through market education and research, we thought of this start-up as someone stealing our ideas and benefiting from our efforts. And considering that we talked to them, too, regarding our ideas for expansion, we felt betrayed.

But that is business. I will not divulge the name of the company nor the people that we have talked with in that company.

All we can say that competition is good for the consumers. It will surely benefit our clients and GreenRides in the long-term. This gives us an opportunity to maintain our high-level of customer service and be able to expand our service offerings.

Are we scared? I would be lying if I say that we are not. But this being scared can also be put in its proper perspective and place. We have now enough reason to fast track some of our plans which we were planning to put-off until next year.

Surely, being a first-mover in the market has its advantages.

What do you do when you are besieged by a new competitor?

Make sure your customers are more than satisfied with your service.
1. As I have said above, being a first-mover in the market is an advantage. With all the media exposure we got, people have come to associate the waterless car wash service with GreenRides. We must continue building and enhancing the brand through service expansion and product innovation.

2. Competition makes your clients realize how worthy you are as a company. Make sure that you give excellent customer service and maintain your level of quality; and always listen to customer feedback.

3. Have a paradigm shift. It's not bad to have competition. It can even make you look and grow stronger. People will compare your products and services to your competitor. Make sure that you are offering a superior brand. Why do people buy BMWs and Mercs if there are Toyotas and Hondas? It's about branding and making sure that your customer feels good about himself once he has purchased or used your product or service.

Our company only uses high-quality products that are trusted and used around the world.
4. Learn to differentiate! Why are you products or service better? Why would people come to you? Don't lower your prices because a competitor is offering lower prices for his service. Instead, promote and highlight your strengths!