How to face competition in business in Uganda.
This has been every business owner’s worry. Is there a way one can overcome competition in this high-tech business era? , how can one continue to sell more than his same business mate?
Doing a similar or related business in locations near to each other normally results in facing competition between the sellers. They both compete for their customers.
Competition is healthy and good on the side of the customer since he will be getting the best of the services he needs.
It is, however, disempowering for business owners because too much competition results in low sales.
Unless you have loyal customers or those on contract to be supplied by you alone, competition is to be faced by every business owner.
Below are ways how a business owner can deal with the competition in his business.
Improve Customer Care
It is a proven factor that most customers if not all, buy feelings not products from your business.
By improving the customer’s comfort and happiness in your shop, store or office, you raise the chances of that customer dealing with you.
The rate at which the customer buys again from you is directly related to the way he feels when he is in your business.
If you want to improve the rate at which your customers come back to you, increase your customer care.
Improved customer care increases your chances to face competition in business.
Keep Your Inventory in Check
No customer will come back to your shop/business to ask for a product three times if he/she finds you without that product.
As a retail shop owner, you must make sure you are well equipped with all the products your potential customer wants.
Otherwise, you may risk losing him to another trader.
Improve your interior design
Now, this is for those who have physical stores and shops.
Your shop appearance matters much in the eyes of the customers. Well-organized and tidy shops have a high customer incoming rate.
This is due to the appearance of the store, and simplicity of the store.
So organize your shop now, display all your products well, and also add visualizers like stickers and banners and price lists on items to ease the customer’s shopping experience.
Improve Your Products Display
Position your products well in the shop.
Put all your key products in the front row so that customers can easily see them.
The more ease the customer feels in finding the product he wants, the high the likeability that he will buy that product that he wants.
Fill your recks with products that relate to each other very close to each other, so that the customer can easily add on the other products that he may have wanted.
Ease the payment process.
Customers hate it queuing up to make a payment for the products they have purchased. Improvising a way to reduce the time spent making payments can play a huge role in out-competing your fellow businessmen.
Paying ways can be; cash, cheques, Debit cards, Credit cards and many more.
Reducing the time a customer spends paying for the products purchased at your shop improves their purchasing experience which in turn increases your customers coming to your shop.
Read: How to start a Blog in Uganda
Provide Value not Products alone.
Customers love it when the seller takes the time to explain to them how different products function.
They like it when they are sold products that will solve their problems, not lying to them just making sales.
Taking time to listen to your customers and giving them the products that will impact their life, it makes those customers loyal to you and they will continue coming to your shop as long as those services are there.
Give Discounts
Discounts act like a charm on customers.
Most customers like it when they get the products they want at a reduced price.
Discounts make the customers cheery and they want to purchase at your store only.
However, in doing so, don’t give great discounts that will impact your business’s profits. Give low discounts and majorly on products that don’t move quickly.
Follow up with your customers
There are many ways of following up with your customers, and no matter which method you use, they are all proven to be effective.
Most businesses do the work of selling to their customers and counting their profits. They care less about the customers once they have left their businesses.
However, a quick way to make or get loyal customers is to interact with them after they have left your business.
You may contact your customers with a phone call, a mail or an email. Some businesses make a social platform where they link all their customers.
This makes customers feel part of your business and they mostly become loyal customers who will always want to purchase at your store or business only.
Few of your fellow competitors follow up with their customers. Doing this puts you ahead on how to face competition in your business.
Improve your products or services
Last but not least how to face competition in business in Uganda is Improving your products/services.
If you are in the manufacturing business, the quality of your products plays a big role in their consumption.
Improving the quality of your products and services gives you superiority over your other competitors.
So look for ways of improving the products you produce now.
You may improve the packaging, and branding, and increase the quality or quantity of the ingredients.
Your Turn;
That is all we had about how to face competition in business in Uganda. Remember Customers buy anywhere as long as they feel they will get what they want.
The way the customer feels in your business matters too. Customers like the easiest way they can get to the products or services they want.
Give them that and you will be in business. Failure to do so and you will be doomed.
Last but not least, doing the same business doesn’t mean you should develop enmity among each other (traders).
Money is plenty, you will always sell and your competitor will too, so don’t put much of your effort into defeating your competitor, rather focus much on how you will help your customer.
What have you learnt? Share with us in the comments section below.