market competition

Are you adopting service marketing strategies? If not, now is the time… Consumer markets are more turbulent and unpredictable than a couple decades ago. Indeed, as Matthew Meacham and others reflected recently: “Twenty years ago, competition in the consumer products industry looked like professional tennis. You faced opponents with business models that were similar to yours. You had been playing against them for years. It was tough but predictable and manageable”. But now, it’s different. After all, it seems that everything is disrupted. Advances in digital technology has changed the playing field and rules in consumer markets. As a result, most products can easily be copied and sold anytime and everywhere at ridiculous low prices. How on earth can SMEs differentiate themselves with same-old products and copycat competitors? The answer is right in front of their eyes – their customers. The customers in the market have remained mainly the same. In spite of having more choices and access to multiple channels, they still have the same needs and wants. SMEs need to convince their customers that they are the best firm to do business with. So, if SMEs want to steady their ships to calmer waters, they need to pay much more attention to serving their customers better. Indeed, they can be on course to achieve a sustainable competitive advantage.