Mushrooming Competition

Mushrooming Competition

Salespeople often complain about increasing mushrooming competition when they don’t meet their targets. I urge readers to approach the rest of this article with an open mind.

First, let's understand how competition proliferates. Many salespeople work within their comfort zones, neglecting uncovered markets. We may sometimes lose existing customers due to issues like quality, service delivery, or intense competition from similar players in the industry. In such instances, we may attempt to penetrate untapped markets, only to be surprised by the number of new companies that have emerged. I am sure many of us have faced or are currently facing such situations.

The important lesson is that deep market penetration and developing products for price-sensitive markets are crucial for business success. In the 1980s, electronic watches were all the rage, with Casio being a leading player. They effectively penetrated markets worldwide, catering to various demographics, including schoolchildren with colourful electronic watches.

Ask yourself if markets remain uncovered and begin your journey towards them. By building rapport, you can retain your existing customers, and with determination, you can acquire new ones.

M.L. Narendra Kumar

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