As a business owner or young entrepreneur it is extremely important you take time out to research and study your competition from time to time. Find out what they are doing right and what they are doing wrong then look for a way to improve yourself in these aspects. This will help you stay ahead of the competition in. Your field.
Always study your competition in business
- Thread starter eldavis
- Start date
There is very deep study required on each and every move of our competitors. Slight mistake may cause marked loss. In my general store business when I sell rice 300 Rs per kg the competitors states selling same rice 295 Rs per kg.
Competitors analysis is very important. It will give you idea about the possibility of becoming successful or failure. By analysing your competitors you will not only get idea about the market but also marketing strategies
- Thread starter
- #4
Very true and it is also a great way to stay ahead, cause by studying them you will be able to see their flaws. With that you can avoid the mistakes they made or even perfect their weak points to become better.
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- #7
This is the best thing to do, cause these people already have an advantage in the fact that they where there before you and already have a customer base. So if you want to succeed, you need to find out the areas they are lacking and build on that.
Our competitors are sometimes Killing our business. It's better if we can always monitor their plans to avoid disgusts like what you experienced. That competitor might have suffered losses because of his insanity reducing the price of his goods Hoping you were able to get back at that person.
Business owners and entrepreneurs need to know this. it is always of essence to take time out to research and study one's competition from time to time. This will help you to know your competition and know what you are doing wrong .
I don't really see competition in my line of business. It is like we are more collaborative than competing in my line of business.
Study your competition to exploit gaps and not to copy what they are doing. You can't be authentic that way.
