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Benefits From Competitors

     Business owners tend to avoid competing, especially against mega-stores. However, you might benefit from their popularity.

Compete

     Here is a famous quote about starting a successful grocery store: "Find the most successful store in the town, open your store across the street, then beat them." Business owners feel this statement is extreme when they hear it. That's because people think only about competing.

Exposure

     When you think about it, the most successful store is where most customers are hanging out. If you open your store right next to or across the street from the most successful store in town, the whole town will know about your store in no time, because people visiting your competitor's store cannot miss a newly opened store nearby. On top of that, you do not have to pay a dime for this degree of exposure.

Using Competitors

     Unfortunately, you cannot open an online store "across the street," but websites of mega-stores are still where lots of potential customers gather. Such places are, of course, the best places to put your advertisements. When you are placing ads on competitors' websites (although we do not know if they want to place your ads), advertising cheaper prices will reduce your profit margins. Instead, if you advertise the differences, i.e., advertise products competitors do not carry, you can attract customers without reducing your profits. This is just one example. You can find several ways to use your competitors when you have brainstormed enough. Stop being scared of big names; try to come up with new ways to use them.

© January, 2014