There’s always a tinge of jealousy, warranted or not, when a newcomer arrives on your turf and starts excelling. Of course, no one wants any business to fail, but when a business starts to do so to the detriment of others, it is important to do something about it.
This is especially true in the B2B space. Running a B2B company is all about attaining and retaining customers. It is with these repeat customers where the majority of your revenue will be derived – recent statistics show that 60% to 80% of B2B revenue comes from existing customers, with some older companies even targeting their existing customer base to derive a massive 90% of their sales.
If a new competitor starts collecting your existing customers, then your business is in trouble. But it’s not all doom and gloom. Competition is really a very healthy thing in the business world, and it could even be a great opportunity to know your company and specific landscape even better than you did before. With this in mind, here are a few ways that you can react when a new competitor starts beating you:
Re-examine Your Loyalty Strategy
As mentioned before, a loyalty strategy is essential if you want to thrive as a B2B company. Two of the most effective ways of attaining this loyalty are through solid marketing schemes and calculated b2b loyalty programmes.
Both of these will allow you to get closer to your customers and help them to feel engaged in what your company is doing – and what they can get out of it if they remain loyal. If a competitor starts beating you – or you even notice some of your customers jumping ship – then it’s time to take a closer look at these strategies and make sure that they are up-to-date and efficient in 2024.
Remember That You Don’t Have To Be Everything For Everyone
It’s also important not to panic! If you have been in the game for a while, it is likely that you have branched out and have tried to tackle as many areas as possible to obtain revenue, but maybe this is a sign that you have gone too far.
Remember, you don’t have to be everything to everyone, and it may be possible that you have deviated too far from your original concept and niche. Focus on your loyal clients and your original idea, and see if that makes a change when it comes to this new competitor.
Talk, Cooperate, Learn!
Lastly, we mentioned before that competition is a good thing. This is because a good competitor can help you to learn more about your field and how you can be the best company possible inside of that context. Understand why it is important to befriend your competitors, communicate with them and take on board anything useful that they might be doing differently.
Another good way to do this is through in-person live events, where you essentially market your company in a physical space and make those connections that could prove so important. Don’t see this new competitor as a bad thing; look at them instead as a new opportunity to push your company further and reach new heights.
