You Should & Shouldn't...

When you have a bigger competitor, you should:-

1) Your products should not be at the par with your main competitors but it should be better than your competitors in terms of pricing and quality. For example, Telco M offer RM0.10 per SMS and you shouldn't offer at RM0.10 per SMS because it does not attract the customers. When you offer RM0.08 per SMS and both offers the same quality of network coverage, people will use your service despite losing RM0.02 per SMS but at the end your loss of RM0.02 can attract more customers. Subsequently your loss can be covered with the increasing number of customers. Another example, when Airlines M offers same products as you offered, you shouldn't be at the par with your competitor especially your competitor has a good reputation. What makes customers to fly with you if both airlines have the same products. So market diversification equals into 50%-50% or even lower. You gain less customers as compared with your competitor.But when you have better products than your competitors, the market diversification is 50% and above. You gain more market shares! So better invest more and you get more customers in return.

2) Marketing: Advertise your products in tv commercials and mainstream magazines and newspapers that suits with target group of people.

3) Social media: Use Facebook and twitter to market your products, promotions etc or even as a medium tools to get feedback from your customers to improve your products in the future.