Competition and saturation are the major challenge for entrepreneur, especially in industrials where many businesses offers similar products or service. Stand out and thrive, business owners must develop strategies to differentiate themselves, innovate and retain customers.
What branding strategies help businesses stand out in competitive markets??
Competition is good for business, and as a business owner, if you can create competition, you can actually dominate the market. I use the example of how Toyota still owns Lexus and created the brand to provide an alternative to their customers who may be seeking something different, and rather than trying to tie them down and compete for relevance, they decided to still be the ones creating an alternative for the market. That way they have retained their customers and improved their sales.
To handle competition, you can create the competition.