Business Races: How to Study Competitors?
Competitors are not always people and companies that produce the same thing as you do. Competitors for you as a company may be businesses that have products in related industries or completely different - but, for example, related to the same industry and located next to you. And for each of them you need to pay attention.
Competition is normal. Moreover, competition is very good. In a world filled with competitors, business is developing better. But in order not to drown in the sea of competition and go along with the strong ones in the business race, it is necessary to study the competitors and even to cooperate with them. How to build your policy on competition? Let's talk about this today.
Step 1. First find them
You should identify - who exactly is your competitor. How to do it correctly? Be attentive to what is happening around you. Most likely, when preparing projects in your area, you study trading platforms - both real and virtual, you do certain market research, you pay attention to advertising banners and paid posts in social networks, you attend special professional events and exhibitions, read literature and press releases. This means that you will certainly find out some information about those people and companies that can produce products or provide services similar to yours. Make a list - it will not take you two days or a week for the whole study, it's usually much longer.
Step 2. Start studying them
Every business owner needs to understand these issues. Begin to study the products of your competitors and the nuances of their activities. Pay attention to what kind of products they produce or services they provide, how they position them on the market. Look to what kind of paid activity they use - for example, posts of influencers or advertising brochures, special promotions and other events. Pay attention to their free activities - social networks, personal accounts of managers and teams, activities on free information resources. You should be aware of their pricing policy, as well as their offers - packages of services or options for their products, how they are distributed and delivered. Be attentive to the number of their employees and the approximate amount of funds invested in advertising and product development. Look closely at how they use the Internet and software and what goals are being achieved. If it's a public company, study its annual report. Study their websites and do it better.
Step 3. Become their "client"
Talk to your competitors as their potential customer. Send one of your employees to them - ask him to take handouts or brochures or make a preliminary order to find out how competitors serve their customers. Alternatively, you can just call and talk on the phone. Request an official price list and start to study it. Your employee should be polite and well-educated while communicating with competitors, and should try to learn as much as possible about their way of doing business and promoting projects.
Step 4. Talk to them in person
This is nothing special - your competitors are not your enemies, they are not the people who are waiting for your failure, they are not those who hate you and whom you hate. These are simply competitors, people and companies that create a healthy and normal atmosphere for the effective development of business. Most likely, you somehow meet with them, perhaps at exhibitions or other events, at conferences dedicated to your common theme. Use this time to calmly and politely talk to them first. Sometimes it is useful even to cooperate with competitors, together developing your market niche.
Step 5. Use the information for yourself
You have collected the most useful information about your competitors and are ready to work with this data. What is necessary to do? The data itself does not mean anything, you need to use it correctly. Pay attention to the fact of what they get better - and think about how can you reach this level or even do more and better. Pay attention to their weaknesses - in which ways are they worse than you? You can always emphasize these weaknesses while promoting your own product. What do they do at the same level as you? This can also be used - try to be better than them as a service or product at this stage. What could you learn from them? This is the most interesting part - write down a list and follow it.
Try to avoid competition in the points you are not strong enough. First you need to improve your skills and the merits of the product or service, and then enter into business races. Remember, competition is normal. Good luck!
© Assiomatica SA
Business Races: How to Study Competitors?
Competition is normal. Moreover, competition is very good. In a world filled with competitors, business is developing better. But in order not to drown in the sea of competition and go along with the strong ones in the business race, it is necessary to study the competitors and even to cooperate with them. How to build your policy on competition? Let's talk about this today.
Step 1. First find them
You should identify - who exactly is your competitor. How to do it correctly? Be attentive to what is happening around you. Most likely, when preparing projects in your area, you study trading platforms - both real and virtual, you do certain market research, you pay attention to advertising banners and paid posts in social networks, you attend special professional events and exhibitions, read literature and press releases. This means that you will certainly find out some information about those people and companies that can produce products or provide services similar to yours. Make a list - it will not take you two days or a week for the whole study, it's usually much longer.
Step 2. Start studying them
Every business owner needs to understand these issues. Begin to study the products of your competitors and the nuances of their activities. Pay attention to what kind of products they produce or services they provide, how they position them on the market. Look to what kind of paid activity they use - for example, posts of influencers or advertising brochures, special promotions and other events. Pay attention to their free activities - social networks, personal accounts of managers and teams, activities on free information resources. You should be aware of their pricing policy, as well as their offers - packages of services or options for their products, how they are distributed and delivered. Be attentive to the number of their employees and the approximate amount of funds invested in advertising and product development. Look closely at how they use the Internet and software and what goals are being achieved. If it's a public company, study its annual report. Study their websites and do it better.
Step 3. Become their "client"
Talk to your competitors as their potential customer. Send one of your employees to them - ask him to take handouts or brochures or make a preliminary order to find out how competitors serve their customers. Alternatively, you can just call and talk on the phone. Request an official price list and start to study it. Your employee should be polite and well-educated while communicating with competitors, and should try to learn as much as possible about their way of doing business and promoting projects.
Step 4. Talk to them in person
This is nothing special - your competitors are not your enemies, they are not the people who are waiting for your failure, they are not those who hate you and whom you hate. These are simply competitors, people and companies that create a healthy and normal atmosphere for the effective development of business. Most likely, you somehow meet with them, perhaps at exhibitions or other events, at conferences dedicated to your common theme. Use this time to calmly and politely talk to them first. Sometimes it is useful even to cooperate with competitors, together developing your market niche.
Step 5. Use the information for yourself
You have collected the most useful information about your competitors and are ready to work with this data. What is necessary to do? The data itself does not mean anything, you need to use it correctly. Pay attention to the fact of what they get better - and think about how can you reach this level or even do more and better. Pay attention to their weaknesses - in which ways are they worse than you? You can always emphasize these weaknesses while promoting your own product. What do they do at the same level as you? This can also be used - try to be better than them as a service or product at this stage. What could you learn from them? This is the most interesting part - write down a list and follow it.
Try to avoid competition in the points you are not strong enough. First you need to improve your skills and the merits of the product or service, and then enter into business races. Remember, competition is normal. Good luck!
© Assiomatica SA
