Have you ever witness or watched a wrestling competition before? Beyond the brutality of the two parties to each other, one of the things you would notice is that each contester is always looking out for the weak point of the other. They are constantly watching out for when the other would lose his or her guide. This is the same with business competitions. Although the aim of business competitions is not the same as that of wrestling movies, every business wants to be the first among the majority. This is why business owners are always looking out for the strategies of the competitors.
Contrary to what many think, your competitors are not necessarily businesses selling what you are selling. It could be a similar business coming up with products that if integrated with your business might further increase your brand awareness and patronage. This article examines understanding your competitors
Understand your Competitor
One of the major tricks to stand out among competitors is to understand who your competitors are. Every business faces competition. A small business like a restaurant faces competition with other businesses like bars and cinemas where the target audience spends their money. If you have an online presence, the competition increase. In fact, you might find out that your competitions are businesses in other countries. Winning a competition goes beyond the competition itself, a good knowledge of the opponent’s strategy and weak point is also necessary. Below is a list of things you should look out for in your competitors
- Your competitions product and packaging
- How they do their marketing
- Level of brand awareness and what they are doing to get this
- Their delivery tactics
- The price of products
- Innovation tactics
- Customers’ loyalty
- Who is the owner of the business and what people like about him or her
- Their staff
- How they use IT for running their business
- How they target their customer
- What new product they are working on
- Media activities and so on
In terms of your competitor’s customers, here is a list of things you should look out for in their customers
- Why they patronize the brand
- What they look out for in the brand
- The products the customer are buying
- Titbits added to the product to placate the customer
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