How You Can Sail Through A Highly Competitive Market

According to Statista, 59% of individuals wear spectacles in the UK.

The above-mentioned date is an encouraging sign for us at Specscart as we constantly strive to change the way people perceive glasses — ‘Not just as an optical tool, but also your most intimate fashion accessory’.

The data also clearly highlights the huge consumer base in the eyewear market, which has resulted in demand reaching unprecedented levels. To cater to this large demand and fill the supply gaps, what we are witnessing is an influx of new players in the eyewear industry.

Hot Competition!

Now that you have decided to enter the eyewear industry or are a small business aiming to go big, get ready to face stiff competition, especially from well-established giants who are equipped with substantial financial resources, advanced technology, seasoned marketing & management skills, and the list goes on.

When Specscart started, the market conditions were all but the same. In just five years of our existence, we are now an established player in the market with one of the fastest growth. There are a few effective strategies that have helped us thrive in the highly competitive UK eyewear markets. We would love to share them with you.

We are certain that these strategies can be of great help to any small business operating in any industry because wherever you go, competition will never leave your back.

A Comprehensive Market Study

Before establishing a place for yourself in the market, you must know the marketplace inside out.

Our founder — Sid Sethi — had travelled extensively before Specscart even began operations. By working on the ground to understand how the eyewear industry works and how glasses are made, he got great insights into everything about the eyewear industry, including the existing competition.

Your primary focus has to be your target market and after you have analysed every bit of it, you have to target it with laser precision. However, by keeping multiple markets on your radar, you will certainly gain an edge. If you observe closely, you will be able to draw analogies between various markets.

Competitor Analysis

It is the competitors that make up the competition. It is one thing to identify your competitors, it is another thing to know them in great depth. There are various reasons accounting for its importance.

The buzz around the need for small businesses to be unique is absolutely well-deserved. To do so, you need to find out what your competitors are doing and then do a SWOT analysis to figure out a way to do things in a different manner.

The one-of-a-kind Specscart’s free 24-hour dispatch service is a result of the effort that we put into analysing the products and services of our competitors. Today, most of our orders, including the single vision ones (not involving complex prescriptions) are made ready in our in-house lab in Bury within 24 hours after you place the order. The output of competitor analysis is also reflected in our other services such as free eye test and free home trial.

Whether it is highlighting things that you might be doing wrong, providing you a pathway to position yourself within the market, or helping you pull out the existing gaps in the market, competitor analysis has a lot to offer.

A Dynamic Online Presence

Well, if you are a product-based business in this modern digital age, you must reap the benefits of e-commerce. While designing and planning for your website, remember that it is an experience that you have to create, not just a website.

When we talk about online presence, we also mean a vibrant social media presence. The role of social media in building brand awareness and reaching out to your target audience can’t be stressed enough. It also helps you build trust among the consumers as many people will look for you over the internet before choosing you for your products and services.

Know Your Audience And Build Connections

We started Specscart with a vision of changing the way people perceive glasses. We believe that glasses must find a place in everyone’s wardrobes and there should be multiple pairs so that one can style them perfectly as per the occasion. We indeed have a large audience to cater to.

Once you have identified your target audience, make sure you understand what they exactly want and calibrate your way of doing things accordingly to create satisfied customers. Wait! Your job doesn’t end here. You need to go a step further and focus on building relationships with your customers.

Loyal customers are your strongest force to help you sail through the competitive marketplace.

Whether it is customer experience, providing personalised service (your advantage as a small business), or even simple things like the way you talk to people, building healthy relationships with your customers should be a practice inculcated into your business model.

Competition brings out the best in your products and services, provided you don’t let it get to you and instead focus on what you can do to stand out.