Don’t lose your cool when it comes to the competition.
When suppliers compete buyers win. Quite simply, discounts increase and greater opportunity to find that special deal exists. In the past losing a client to the competition was taken grimly on the chin.
Today that same loss could potentially be the knock-out punch that puts your business down for the count. Some suppliers may feel the impulse to panic and may decide to take the low road by engaging in “mud slinging”.
Throwing mud at your competitor may get them dirty, but nobody likes a bully. In fact they may actually punish you for it. In many countries, the law recognizes the value of reputation and credibility. Both libel (a false and damaging publication) and slander (a false and damaging oral statement) are often punishable by law and could result in compensation or fines for damages done or even imprisonment.
So before you take the gloves off consider some positive alternatives.
Get creative with your marketing. Try changing your ad tone by incorporating some humor.
Use enthusiasm and let buyers know why you are different. Maybe you offer FREE shipping.
Stay connected by increasing your contact with your current clients. Email incentives can be very appealing.
Start a company newsletter bringing attention to your hottest monthly deals. Become a resource pertaining to your industry.
Seek the silver lining. For some this economic downturn is an opportunity in disguise. Consider expanding your product line into areas of necessity.
Finally stay positive and sell your company’s strengths, NOT your competitor’s weakness.