Alexandoy
VIP Contributor
Usually when the business is going great there is no need for innovation especially when the profitability is maintained for year. But what happens when suddenly there is a new competitor in town that later on would give your business a stiff competition. What to do in order to maintain the hold of your customers?
Before anything else, it is not good to fight the competition with price cuts. That can lead to a cut-throat competition that can result in bankruptcy. One reason to invigorate the business with the old customers is to have a new product or service. I have seen the novelty products such as a new candy or new toy that attracted the kids. New household items can also be a novelty of sorts. What other means will you do to get hold of your regular customers?
Before anything else, it is not good to fight the competition with price cuts. That can lead to a cut-throat competition that can result in bankruptcy. One reason to invigorate the business with the old customers is to have a new product or service. I have seen the novelty products such as a new candy or new toy that attracted the kids. New household items can also be a novelty of sorts. What other means will you do to get hold of your regular customers?