Researching your competitors is more successful when you
actually look Researching your competitors includes knowing what products they
offer. And what makes them stand out from the crowd and how their pricing
strategy is structured. But researching your competitors is more successful
when you actually look. It may sound flippant, but many don’t or leave it to a
platform—job ticked off the today list but insight not even seen.
In the world of business, organisations
must stay ahead of the competition. This means being aware of what threats and
opportunities are out there. And determining what the future competitive
landscape looks like. However, if you’re not looking for it, you’re likely not
going to find it. That’s why businesses need to be aware of these threats and
look for ways to counteract them.
Researching your competitors to know them
inside out will give you more confidence. Confidence that you are setting your
prices competitively. Enable you to respond to their marketing campaigns with
your own initiatives. Get to know them well, and you can predict their
marketing campaigns. And have your own launch a week, day or hour or so before
them.
Using this knowledge, preemptive strikes
could focus on competitors’ weaknesses. And, more importantly, target what
their customers really want.
Researching your competitors allows you
to find current and future threats to you. Threats from both new entrants to
your market and existing competitors. Realistic about how successful you can
be.
Who are your competitors? Everyone faces
competition. It doesn’t matter who you are and what you do. You will have
competitors. Everyone no exception. Even if you’re the only fintech platform in
the world that has a particular technology. You will have competitors as
customers choose where to spend their money instead of with you. They can keep
their cash in their pockets too.
The internet has opened up markets to
infinite opportunities and countless global competitors. It’s vital to look at
current and new competitors. And importantly, the future ones and their
associated technologies.
A competitor can be a new business
providing a substitute or similar products. Something that could put your
offering into retirement. But it could be a product or service you could also
sell or work with them in a partnership. An opportunity that fills a gap that
your current offering fails to achieve, and you know your customer base will
look it. Better you selling to your customers than a new competitors
Best way to find competitors The best way
to find competitors is to sit down and think about where you would find the
information. Meet with your team and build a list of sources of where to look.
Create alerts on Google or monitor the media. Search for signals of change and
have red flags. Red flags are raised when something happens within an agreed
set of criteria. For instance, if this happens, we do nothing. But we alert the
senior team and recommend this and that if this happens.
There are countless ways to find
information on competitors, including:
Your customers Your supplier From
monitoring your market Chamber of Commerce and trade associations Business
databases Advertising Job adverts Press articles Exhibitions and trade fairs
Social media An Internet search for similar products or services Marketing
literature sent when you sign up for updates Searching for similar current and
pending patents planning applications and building work in progress The most
important aspect of this exercise is that you are aware of them. Look for the
threats and opportunities and determine your future competitive landscape.
What’s clear, though, is that if you’re not looking, you are not going to find
it.
Researching your competitors is more
successful when you actually look In conclusion, if you don’t look for threats
and opportunities, you may struggle to compete. And researching your
competitors is more successful when you actually look. Companies need to
understand their competitive landscape clearly. And then determine where they
fit in. There are countless places to find information about your competitors.
But it’s important that you are actually looking. Businesses can develop a plan
to stay ahead of the competition. By being proactive and looking for these
threats and opportunities. So get out there and finding your competitors today.
Source: https://www.amazines.com/Business/article_detail.cfm/6263361?articleid=6263361
No comments:
Post a Comment