Always study your competition in business

[eldavis]

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.

 

[SHAHID987]

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.

 

[nomad]

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

 

[eldavis]

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

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.

 

[Stardom22]

For me before l can start any business in the locality, l normally check the existing business on the location and come up with creative ways for outsmarting the competitors in advance.

 

[olaniyi]

Studying a competitor is always important as a good entrepreneur and also prepare to a way to tackle these competitors by improve your business and market and make your business grow faster

 

[eldavis]

For me before l can start any business in the locality, l normally check the existing business on the location and come up with creative ways for outsmarting the competitors in advance.

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.

 

[nomad]

You will have to see how much your competitors is selling for, what kind of products your competitors is selling, what kind of marketing tactics your competitors is utilising. It will help you run business more easily.

 

[Starmix]

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.

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.

 

[olaniyi]

Sometimes I feel I don't have problem with my competitors in business but I just need to make sure I satisfy my customer because once I can satisfy my customer in quality and price then the competitors already fail

 

[cherry123]

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 .

 

[IB D]

The essence of studying your competition in business is to be able to refine your strategies to help the business stay afloat.

 

[Etini Willie]

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.

 

[Shavkat]

It is indeed needed for them to do this. If not, it would be a big problem once the business is launched.