No matter what your business, or whether you are online or offline, knowing your competition is vital to your success strategy. There is no business that operates in isolation. There will ALWAYS be other businesses in competition that are providing variations of your own products or services.
That is why it’s vitally important for you to know who your competition is, and what their strength and weaknesses are. You are in competition for a reason, and one reason only.
You’re after the same customers, and if you don’t know your competition like you know your own business, you can’t possibly win the battle and seduce those customers into buying from YOU instead of THEM. You will simply be losing them, and along with them all the potential revenue they might have brought your way.
So what are some things you should be asking yourself as a business to keep a leg up on those in competition with you?
Simple. Think Who, Where, What, and How. WHO are your competition? What are the other businesses nearby that are supplying the same type of products or services as you. WHERE are they located? Are they strictly a local threat, or are they online as well International Regional You tell me.
WHAT do they look like How much of your market do they dominate? What do your past competitors look like, and what might your future ones look like? WHAT is their position Strengths Weaknesses What are they selling? What is their reputation and image?
HOW will you respond? What strategies will put into play to get a leg up?
Asking questions like these can help you identify your competition, and identify key areas where you need to up your game to become bigger and better. After all, if you aren’t setting out to be the absolute best in your market, why did you go into business in the first place. Customer satisfaction depends on your business being the best it can be and offering the absolute best value possible. You can only do this by beating out your competition in every way you can think of, and then some. It doesn’t mean you have to be ruthless or unethical. It simply means you need to be the best. Know your competition, and then out play them. That’s it.
To your success!