If you want to build a better business, if you want to ensure they your business will continue to perform well for the long term by generating good profits, you need to identify your competitors and analyze their strategies (production strategies, management strategies as well as marketing strategies). How can you actually identify potential competitors and then analyze your competitors' key strategies?
Identifying Competitors and Analyzing Their Strategies
- Thread starter nomad
- Start date
You would have to identify businessses that are offering the same products and services that you offer. Go to the online space to gather information about them from forums and sites. Try to know what their strengths and weaknesses are and adapt your strategy.
Knowing your competitors would help you to know your exact market share and position in the market. This knowledge would help you to know the strategies to take to increase your market share and your positioning.
That's true, knowing your competition matters a lot. To be able to bring or create a working strategy, you should be able know what your competition is doing and how to counter their efforts and even what to do to be better than them.
Yes, to sustain your business, you have to know your competitors, their marketing and pricing strategies. You can do research on your own. There are also some companies doing industry research and provide reports which you can buy.
It is the reason why any business owner who doesn't take their competitors seriously will always end up being overtaken by them.
In as much as it is very advisable and commendable to under study the strategies of your competitors, there are some key secrets or strategies you may not get to fully unravel, hey, but it's good to know multiple strategies and explore the one that works fine for you.
One way I do to identify competitors' strategies is to pay attention to what additional services they provide. For example, I sell a product for $5 but includes free shipping, and a competitor's shop sells for $4 but doesn't include shipping. Of course, according to my shop's calculations, my product is much cheaper and is my strength.
Identifying your competitors is the first important step to surviving amidst competition. It does not end there, you also need to know how they work so that you can identify gaps that you need to fill to get ahead of them.
You can actually get those information through market survey because they will always be interested in giving you information they believe they are going to use to take advantage of you.
