This is one of the most common requests for support I get from many entrepreneurs who suddenly see their business affected by the competition. This is more common than you think and today I’ll tell you what to do and how to sell your business than your competitors.

1. Do not panic. The first thing to be clear when you face a situation how are you, is that you remain calm. Many entrepreneurs have a tendency to react to their competitors and begin to lower prices or invest excessively large amounts on advertising that may eventually make the problem worse. My recommendation is to plan a strategy so thoughtful to come out victorious.

2. Competition accepts as natural. You understand and agree that competition is normal. Especially if things are going great. For some reason, many come to this blog wondering what are the most profitable? And that’s because they want to know what is working to invest, right there! So do not fight against a system which is totally natural that competition and want to imitate what you do, especially if you are doing well.

3. Do not lower your prices lightly. Do not fall into the temptation to compete by lowering prices. This is probably the first temptation in which we fall when we see someone begins to “steal” our customers. However, this medicine may be worse than the disease if we do as part of a strategy. There will be an appropriate time to level your prices but you must wait to perform other actions previously.

4. Reduce your costs. This if the first important step and should be executed immediately. To compete, it is important to manage better costs before the best prices. Evaluate your expenses, seeking better benefits to your suppliers and applies all possible actions to save on your business. This will ease the burden slightly economic margin and leave you as you develop other activities.

5. Looking for ideas for innovation. There are several ways to compete and one of them is innovation. Innovation comes from the word “innovate” that has to do with learning, to improve, to produce something “new” in your business environment. It is therefore desirable to sit as soon as possible with your team and brainstorm ideas for alternatives. For example, if you own a car wash and offer traditional services, innovation would put a TV room for the convenience of your customers and offer them coffee and newspapers at no additional cost while their cars are shiny.

6. Improve your current products and services. Whatever your business, another way to compete is to improve what you do. The Japanese use a term for continuous improvement and Kaizen. It means that everything you do could be improved. If you find that you can thoroughly evaluated to streamline all your processes, making them faster and less expensive. Ask yourself, what can I improve today?

7. Give your guests some “Special Offers”. Customers love this phrase. All as consumers attracted by the offers because they convey the idea that I will get more for less. So before you sacrifice your prices, prepare a strategy where you can offer any additional benefit to those who consume more on your business. For example, if you have a catering or food sales, could offer a free dessert on Friday, or a complimentary beverage consumption in groups of 5 or more people. Here it will be very important to be creative and make your numbers for your bids represent the desired benefit.

8. Promote your competitive advantage. Mr. Phillip Kotler says, “If you have an edge to compete, not compete.” And, make sure you have something that differentiates you from your competition and make it an advantage over them. You can be the quality of your product, may be the speed of your service, you can be the extraordinary way you do things. What is the best you have against your competitors? Define what your competitive advantage and do promotion. Banner printing large advertising your “delicious potatoes Texas” or your “super car shine.” And make your presence felt!

9. Provides customer service out of this world. Customers are everything. Without customers, no business. You must ensure that your staff provide the best care possible. If you do not, your competition if you will, so you better take the initiative. Many customers do not buy for the price but the service we provide. So your service must be exceptional and should consider value added as a part of it.

10. Research your competition. Another tip highly recommended as part of your strategy is to investigate which is what your client likes them. How? Very simple. Ask a trusted friend or a distant uncle that will serve as a “mystery shopper”. The mission will go to your local competition like a customer and collect as much information as possible, as they serve, to manage price, presentation and local staff, speed of service and general aspects that appeal. This will help you know what you can do better.

As a final comment, many entrepreneurs are frustrated too especially when competition is “unfair” if we can call you in some way. And it is hardly going to be able to escape this kind of negative actions that affect our business. The board then it would fail to see what they do and focus on what we are and can do better. That’s called leadership. Do not fall into the trap of neglecting your business clients and yourself by being aware of your competitors.

During the event, which discussed, among other topics, how to face the challenges in a constantly changing environment, the keys to invent new business models and work processes, building new markets and better use of existing or innovation as a crucial factor in improving sales.

Then flies and pen, pick up some of the conclusions table:

Charo King:
- It is time for innovation, given that the current economic model is running, and that companies no longer compete on price or quality, but for its ability to innovate.
- Innovation is not a matter of improvisation, but corporate culture.

Angel San Segundo:
- Today, innovation must focus on solving problems in a context of no-growth markets.

Daniel de la Sota:
- Without innovation, there are no sales, and it is therefore essential to apply the technological tools that allow customers to meet, learn about products, when and how they want, allowing better positioning on the market.

Fernando Rivero:
You must change the business culture to move from “product dispatchers” sellers, something that should be associated, not R & D, but to changes in business models.

This year, the eighth editions there are no major concerns. The economic environment is a very common issue.

The experiences clearly reflect the impact of the economic situation, the need for more efficient use of resources, cultural change that companies need, the training and development needs that arise to adapt to the situation, and redefinition and contribution HR function to demonstrate more agility requirement and contribution to the business.

In this environment, some trends emerged in the growth cycle, far from deflated, are maintained and even increased, as the need for organizations to demonstrate their commitment to society, and the continued importance of balance between work and personal life , with special emphasis on physical care and emotional well-being of the worker.

In terms of technology, there is the consolidation in the use of Web 2.0 tools in various HR processes (particularly training, development, selection and communication). These new technologies represent an entire cultural change that enhances collaboration, participation, and access to information. Distances are reduced, increases the interaction and participatory decision-making. These changes modify the control that the companies had so far from its contents and messages, reduced the gap between professional and organizational levels.

The economic environment also changes the factors that attract and retain employees, and this has a significant impact especially in the selection practices, recognition and talent management. This year, the impact of the economic situation has also been noted in the number of applications received, a total of 60 – almost 40% less than in 2009, although it should be noted that projects in this edition investment multiplied by employee benefit this year by five the previous year.

Innovation is not improvised, is a muscle that is trained. Companies that innovate are active and conscious management of innovation, in fact many companies have innovative experiences on a regular basis. The chaos, innovation is a myth. It should be innovative DNA and muscle … especially in difficult times.

A great example is the reviews of services that are, for example, when looking for a hotel online. It is true that many users write their experiences on a completely voluntary, both positive and negative, and this is what is called active contributions. We find the best practices of this kind on eBay or Craigslist, where are the customers who bring their goods to sell, or already so famous Wikipedia and YouTube. But we also passive contributions like Amazon when looking a certain kind of book and with it we are defining our preferences and thus giving basic tracks for marketing purposes or stock management.

One of the pioneering contribution systems, Scott Cook provides some fundamental reasons why people participate in these systems: feel good about being part of a virtual community, earn respect (as ‘reviewers’ for example), or simply find a place to express themselves freely. We cannot forget the pure altruism: both a bad experience can be an excellent move to express socially, or for others to avoid or to share the enjoyment.

One of the mantras of Human Resource Management is that you get the commitment of employees, their voluntary contributions, so-called corporate citizenship. It is very likely that many of these taxpayers volunteers are employees who day after day not lift a finger beyond the minimum definition of their duties and bureaucratic. Maybe it’s a matter of finding the means of the voluntary contribution, creating an environment that meets any of the above conditions. Perhaps here resides the key to the optimization of human capital in organizations.

E-advertising spent a third course in becoming the advertising medium. The Observation, reason, and the future of online advertising.

> E-advertising, mass media

Internet continues to experience a resounding success and now allows itself the 3rd French market share with 13.6% of the media behind the press (29.8%) and television (27,2%).

The on-line has become a mass medium and is fully anchored in the media plans of French companies, large and small. He is the one who incidentally had the highest annual growth: 43.4% compared to July 2006. Estimated revenue of Internet media 185.3 million euros in France in July 2007.

Of all methods of online advertising, sponsored links are those who enjoy the best growth: they represented 40% of investments on line. French companies are beginning to understand that it is imperative to use all the levers of growth and thereby diversify the sources of its traffic on each of E-marketing methods.

> The context of growth in online advertising

But if online advertising still attracts more advertisers, but also because it operates in a highly favorable: Internet users are becoming more numerous, the French are much more confident and no longer hesitate buy online …

The French Internet audience now stands at 12 million unique visitors per day on average (Médiamétrie). Google is still tops the most visited Web sites, followed by Orange, MSN, and Yahoo Free. These sites are therefore also those most used for advertising, followed by the Yellow Pages Group, the network TF1, That, and the User Magazine.

The proliferation of e-commerce sites is the cause of sustainable development of online advertising, leading e-tailers, a growing number (now in Fevad 30,000 in France) to promote their websites by all means. E-commerce grew by 38% just on the first half of 2007 in a fragile economic environment (especially in terms of purchasing power since the rise of consumer spending slows).

> The future market for e-pub

The online advertising has a future and is still far from reaching maturity! New technologies, new formats, new concepts … the market for online advertising, dynamic and sustainable, but seems to develop technology for qualitative purposes. It is indeed to greater transparency and control that looks promising market, promote the quality, attractiveness and targeting the benefit of advertisers demanding more and more …

An example that illustrates this phenomenon: the video format. It is under debate and advertiser demand is becoming stronger. According to DoubleClick, the impact publicitairede this format is superior to traditional formats and contains all the winning features of online advertising (brand memory, responsiveness, trust and closeness of people …).

> Conclusion

The popularity of online advertising is not ready to stop!

Companies are increasingly concerned. The courses, seminars and conferences are multiplying and business schools are beginning to incorporate these topics into their curriculum. The market for online advertising is becoming more competitive leading the largest companies to differentiate themselves by technological advance (and thus innovation) and smaller to make up by charging low prices and attractive.