It is important to determine the effect of the competition to your business

[Alexandoy]

Unless your business is a monopoly the competition will be there. Some competitors are good competitors when they do not treat the competitor as an enemy. There are business owners who even befriend their competitors in the idea that the market base is huge that they can share the customers.

But what if the there would be fierce competition? You have to be prepared for that eventuality. A marketing campaign can deaden the heat. Aside from holding a sale or giving special discounts you can also give tokens or souvenir items to repeat customers. A t-shirt that promotes your business is a good item for a token. Having a new product can also help to grab the interest of the general public. What other gimmick can you think of?

 

[Mika]

There is no such thing as a monopoly. Some businesses have a large market share but they still have competitors. Do you think Google has a monopoly. Google is the most used search engine but there are still other players and are the direct competitors to Google. You can control the market but you will always have competitors.