In case you haven’t noticed competition is stiff out there.  We all know when the economy is bad people get smart with their money, but there is another factor we all should know about.  Never before have your customers had a louder voice.    Services such as Faceook, Twitter, Yelp, AngiesList and many more, specifically tailored to your target market, allow people to discuss their experiences with the companies they use. I believe through the Internet we are entering an economy which is closer to perfect competition.

According to Wikipedia a perfectly competitive market exists when every participant is a “price taker,” and no participant influences the price of the product it buys or sells. Specific characteristics may include:

• Infinite Buyers/Infinite Sellers – Infinite consumers with the willingness and ability to buy the product at a certain price, Infinite producers with the willingness and ability to supply the product at a certain price.
• Zero Entry/Exit Barriers – It is relatively easy to enter or exit as a business in a perfectly competitive market.
• Perfect Information – Prices and quality of products are assumed to be known to all consumers and producers.^{[1] [2]}
• Transactions are Costless – Buyers and sellers incur no costs in making an exchange. ^[3]
• Firms Aim to Maximize Profits – Firms aim to sell where marginal costs meet marginal revenue, where they generate the most profit.
• Homogeneous Products – The characteristics of any given market good or service do not vary across suppliers.

Wikipedia: https://en.wikipedia.org/wiki/Perfect_competition

It is in markets such as this that you should be focusing on your strengths and sharpening product lines and services and how you talk about them.  The good news is that in a more competitive marketplace such as this, the companies take care of there customers survive.  The ones that can also communicate with their target markets effectively thrive.

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