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Casual Articles - The Hard Facts: Every Business, No Matter How Unique, has Competition
For many of you who are businessman and businesswomen, traveling becomes second nature. As you jump from city to city, it gets to the point where people ask you what you do for a living and you have to refrain from saying, “I’m a Nomad, what about you?” Traveling for business can certainly be a pain in the bags, but with a few simple changes, you may find the transition from home to away to be easier than assumed.There are several things you ca
While it has been stressed that it is much more important to try to keep customers rather than focus on gathering prospects, it still is important to recruit new customers, and especially to take them from your competitors. This takes away market share from your competitor and gives it to you. The key to doing this is convincing them that you're better than they are, and it's hard to do, especially if the customers are becoming loyal. As long as you d
Logistics, asset management and inventory control are so important to any business. Whether you operate a point of sale business, a shipping center, or any business that ships or receives supplies or products, it is difficult to manually keep track of what is coming and going. Bar codes and automation save time, money and lost assets. This method, once fully implemented, can save thousands or even millions of dollars over a short period of time.
Businesses compete for market share. Market share is the portion of all sales in your market area that go to you. For example, if you have a lemonade stand (interesting example, aye?), and there are four other lemonade stands (five lemonade stands total), and people buy $10 worth of lemonade at your lemonade stand, and they buy $20 worth of lemonade at all the other stands. That means there's $90 worth of lemonade bought, and $10 of that is from your business. So, $10/$90 = 11%, therefore you have 11% market share. You could also calculate it by customers, say, there are 40 customers total, and you each have 8 customers, so you have equal market share in regards to that. However, your customers are buying less than the others, so one way to improve your overall market share in this situation is to get your current customers to buy more lemonade, instead of trying to take customers away from other businesses. In this situation and in real life, it is always easier to get current customers to spend more money rather then trying to recruit new ones.
Another kind of "share" is the share of customer, also called share of billfold. Let's take the lemonade example again. Maybe you also sell cookies, but people buy only lemonade. This means you can expand your share of customer by getting them to buy cookies as well as lemonade (or, more lemonade). As you can see, you are taking more of their money, meaning you are taking more of their "bills" (hence, share of billfold). Again, this is the easiest way to increase market share.
There are three types of competitors. The first are direct competitors, which are other businesses selling exactly what you are selling, therefore directly competing with you. Then there are indirect competitors, which are businesses that are similar to yours. For example, a business that sells CDs is indirectly competing with iTunes, which also sells music, but in a different way. The final type of competitor is the toughest of the bunch, the phantom competitor. This is basically the "alternative" competitor. Back to the CD business. Someone could simply choose not to buy a CD, and that in itself is a competitor. Or, they could decide they want to buy a video game to satisfy their entertainment needs. This type of competitor is so hard to deal with because it's impossible to compete with. You can't anticipate every single alternative that a prospect will have to your business, and that's why phantom competitors are the strongest of all the competitors.
While it has been stressed that it is much more important to try to keep customers rather than focus on gathering prospects, it still is important to recruit new customers, and especially to take them from your competitors. This takes away market share from your competitor and gives it to you. The key to doing this is convincing them that you're better than they are, and it's hard to do, especially if the customers are becoming loyal. As long as you de
Starting up your own business can be a daunting task: once you come up with your initial business idea, you need to formulate a business plan - a process that usually involves finding the necessary funding to make your company a reality. However, it's important not to be overwhelmed; after all, small to medium sized businesses make up over half of the UK's workforce and occupy a crucial place in the workings of the British economy. Simply make sure th
Another kind of "share" is the share of customer, also called share of billfold. Let's take the lemonade example again. Maybe you also sell cookies, but people buy only lemonade. This means you can expand your share of customer by getting them to buy cookies as well as lemonade (or, more lemonade). As you can see, you are taking more of their money, meaning you are taking more of their "bills" (hence, share of billfold). Again, this is the easiest way to increase market share.
There are three types of competitors. The first are direct competitors, which are other businesses selling exactly what you are selling, therefore directly competing with you. Then there are indirect competitors, which are businesses that are similar to yours. For example, a business that sells CDs is indirectly competing with iTunes, which also sells music, but in a different way. The final type of competitor is the toughest of the bunch, the phantom competitor. This is basically the "alternative" competitor. Back to the CD business. Someone could simply choose not to buy a CD, and that in itself is a competitor. Or, they could decide they want to buy a video game to satisfy their entertainment needs. This type of competitor is so hard to deal with because it's impossible to compete with. You can't anticipate every single alternative that a prospect will have to your business, and that's why phantom competitors are the strongest of all the competitors.
While it has been stressed that it is much more important to try to keep customers rather than focus on gathering prospects, it still is important to recruit new customers, and especially to take them from your competitors. This takes away market share from your competitor and gives it to you. The key to doing this is convincing them that you're better than they are, and it's hard to do, especially if the customers are becoming loyal. As long as you d
Considered a part of the annual strategic planning process, business valuation is the process of determining the estimated market value of a business enterprise. It is a valuable tool for business owners, stockowners and investors. Business valuation is used for a variety of purposes such as buy/sell agreements, mergers and acquisitions, estate planning, bankruptcies and pension plans.1. Why is business valuation important?Business valua
Another kind of "share" is the share of customer, also called share of billfold. Let's take the lemonade example again. Maybe you also sell cookies, but people buy only lemonade. This means you can expand your share of customer by getting them to buy cookies as well as lemonade (or, more lemonade). As you can see, you are taking more of their money, meaning you are taking more of their "bills" (hence, share of billfold). Again, this is the easiest way to increase market share.
There are three types of competitors. The first are direct competitors, which are other businesses selling exactly what you are selling, therefore directly competing with you. Then there are indirect competitors, which are businesses that are similar to yours. For example, a business that sells CDs is indirectly competing with iTunes, which also sells music, but in a different way. The final type of competitor is the toughest of the bunch, the phantom competitor. This is basically the "alternative" competitor. Back to the CD business. Someone could simply choose not to buy a CD, and that in itself is a competitor. Or, they could decide they want to buy a video game to satisfy their entertainment needs. This type of competitor is so hard to deal with because it's impossible to compete with. You can't anticipate every single alternative that a prospect will have to your business, and that's why phantom competitors are the strongest of all the competitors.
While it has been stressed that it is much more important to try to keep customers rather than focus on gathering prospects, it still is important to recruit new customers, and especially to take them from your competitors. This takes away market share from your competitor and gives it to you. The key to doing this is convincing them that you're better than they are, and it's hard to do, especially if the customers are becoming loyal. As long as you d
Conference organizers are a group of professionals who make all necessary arrangements to make a conference a great success. These organizers work with guidelines to make the conferences uniform and unique. Guidelines generally apply to all conferences, symposia and workshops with the exception of an annual meeting, which has its own set of guidelines. The primary role of the organizing committee is to design the technical program, including the selec
While it has been stressed that it is much more important to try to keep customers rather than focus on gathering prospects, it still is important to recruit new customers, and especially to take them from your competitors. This takes away market share from your competitor and gives it to you. The key to doing this is convincing them that you're better than they are, and it's hard to do, especially if the customers are becoming loyal. As long as you d
Bookkeeping is a name given to the task that is undertaken to maintain records of the transactions that are done on a daily basis. Any type of business, whether it is large scale, medium scale or small scale, will not be successful if small things like bookkeeping records are not maintained properly. All these may appear to be small and trivial to some people, but business owners know that this is an important aspect of their business and must be hand
While it has been stressed that it is much more important to try to keep customers rather than focus on gathering prospects, it still is important to recruit new customers, and especially to take them from your competitors. This takes away market share from your competitor and gives it to you. The key to doing this is convincing them that you're better than they are, and it's hard to do, especially if the customers are becoming loyal. As long as you develop your product (or service) to the finest quality, and introduce it to your prospects in an efficient way, it will become all the easier to convert them.
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