Competition starts

Not that we started having a new competitor all of a sudden, but it's just the realization how fierce the battle might become when there is a formidable competition starts arising. Last week, we had a situation where one of our new competitor set up a demo with our potential customer. The manager of the company contacted my business partner. So, we preemptively set up a demo the day before our competitor was going to come.

While waiting for the result coming through, I read an article in the newspaper about the competitor. I found out that they are working with a very powerful figure of the industry where we're trying to advance our presence. The competitor came with a surprising pricing plan. We happened to have access to their demo site where I found a lot of problems. However, it's still a big threat to our business. Just the fact that they are approaching our potential or existing customers with a shockingly low price plan gave me a sleepless night and not a small stress.

I'm still wondering what strategy we should come up with. Should we change our pricing plan? Should we go ahead and appeal our customer with more education so that they would buy into the quality of the product? Do we even have a better product in every way?

In some way, this has become a wake-up call to me. I got enough motivation to work extra hard to make our product better in features and performance. I started thinking about more appealing and competitive pricing plan. I started thinking more seriously about the capability and possibilities of competitors arising anytime.

My new day just started...