Deep Dive Into Other Areas Of Competitive Research.
#Differentiate From The Competition.
Knowing & understanding who your competitors are and what they are offering can help you make your products and services stand out.
Your competitors include any business that can deter a potential customer from reaching you, your services and or product, this can come in different forms.
When growing your business, having a tunnel vision on your rivals can easily stop potential sales immediately. You need to fully understand how to communicate with your customers and show a clear separation between you and your competitors
The Major Competitions.
Direct Competitors? Direct competitors are companies who have the exact same service or product as you. You need a sharp eye on these companies in order to know how to show potential customers to choose you over others.
Indirect Competitors? Indirect competitors are companies who don’t have the exact same service or product but find an alternative/different way to express and sell services or products within the same niche to customers.
2 ๐ผ๐๐ ๐๐๐๐ถ๐๐ ๐ ๐๐ถ๐๐๐๐ ๐ฏ๐ ๐ฆ๐๐๐ ๐ด๐๐๐ ๐๐๐๐ ๐๐๐พ๐๐พ๐๐.
1๏ธโฃ It can enable you to set competitive prices, and differentiate within your market.
2๏ธโฃ Respond to rival market campaigns with your own creative initiative, reach areas others canโt.
Having knowledge on your competitors puts you in an elite category of your own, you can use this information to create stunning, engaging marketing strategies that take advantage of your competitionโs weakness & enhances your businesses to flow faster and have a more effective system.
What To Do With Your Competitor Information.
This is the major part of it all, how well you execute this will determine how well you respond within your market against your competition.
Start by evaluating the information you find about your competitors. This should tell you whether there are gaps in the market you can exploit.
It should also indicate whether there is a saturation of suppliers in certain areas of your market, which might lead you to focus on less competitive areas.
Put the information into categories:
- What can i learn & do better
- Areas are they failing in
- What are we doing that is identical
If you’re sure your competitors are doing something better than you, you need to respond and make some changes.
It could be anything from improving customer service, assessing your prices and updating your products, to changing the way you market yourself, redesigning your literature and website and changing your suppliers.
Always ask, “where can you add more value?”
Act on the gaps you’ve come across. These may be in their product range or service, marketing or distribution, even the way they recruit and retain employees.
Customer service reputation can often provide the difference between businesses that operate in a very competitive market. Renew your efforts in these areas to exploit the deficiencies you’ve discovered in your competitors.
But don’t be complacent about your current strengths. Your current offerings may still need improving and your competitors may also be assessing you. They may adopt and enhance your good ideas.
Why are they doing the same as you, particularly if you’re not impressed by other things they do? Perhaps you both need to make some changes.
Your competitors are always planning to improve, review your research and make sure you’re prepared for any changes that would need to take effect immediately.
QUESTIONS TO CONSIDER:
- Competitors Strengths?
- Competitorsโ Weaknesses?
- What Kind Of Competitor Are They?
- How Do Your Competitors Position Themselves?
- Do You Understand Your Competitors Pricing?
