How can you identify new entrants to your business?

New entrant is a good thing .It helps in building a entrepreneur mind set.It makes the existing mindset of an enterprise to change with times .Inovation to new ways of expanding and growing business is the key.New entrepreneurs need to be welcomed and you as a old player in the sector need to look as new ways of holding on to your share of the market or even expanding it.You don't expect that if there is a set buisness model there cannot be something else.The market is always changing and changing the way you look at the market is the key.

From Porter's standpoint, industries that are low in supplier power, entry, buyer power, substitute products, and competitive rivalry are where any business would thrive. By starting with understanding the strengths and weaknesses of the forces affecting the industry, the company can then understand its position relative to the industry, thus allowing it to understand its competitive position better. When going through the exercise of identifying competitive rivals, both direct and indirect have to be considered. Gather as much information on a competitor that includes the 4 p's of marketing, market share, and so on. The more granular, the deeper your understanding will be of where you may or may not have a competitive advantage.

If there is a new entrant and they are succeeding it self means they are doing something diffrent from your out look and model in terms of the market.Yes the best way to reduce loosing your market share is by improving and doing things better then what the new entrant is doing or offering and the next best thing is to offer collaboration and merge their idea with your .In this way you can maintain your market and tap into the new avenues of market opened

It depends upon the selling point of new entrants. If new entrant is giving deep incentives for pushing sales then they might not be sustainable in longer run. However for short term it’s important to keep product quality, service and supply chain in order to ensure no disruption to the existing business. Revenue and Profitability will go down in short term hence keeping stakeholders updated is required to manage expectations. Organization also need to ensure that team’s morale should not go down hence including then in progress is equally necessary.

Be closer to market. Listen to your customers. Focus on their needs & gaps rather than selling what you have. Harness the relationships built over the years Do not dismiss the threat especially in front of customers. Acknowledge it & play on your strengths. DO NOT discuss negatively the new entrant in front of customers. Focus your pitch on what you do.

New entrants may not be a threat immediately in an existing market, however it is important to watch their moves in terms of their short term and long-term strategies and implementation especially when they are funded heavily in their initial years of operation. Also, if a company has an excellent value proposition, strong service backup and an innovative mindset, it need not get really too hassled with new entrants. Moreover, the customers who prefer quality over price do not really like to change their service partners.

As a company you may feel the new entrant to be a threat but on a broader perspective it's a wake up call that you have not been updating your strategies with the growing times.You need to keep a watch on key area and look for suggestion with your employees .Keep a look out of some one who come with a good idea cause you never know one such idea can change the cource of your buisness.You have so manny examples such as Tesla ,Facebook ,watsapp ,Google .They where all ideas rejected by the then generation of thinking but today they are the present and thinking they will only be future is a foolish thing as there will always be something better and those who look for ways of being the better will always stand tall.