Competition is for companies that can not be tolerated, for businesses of all sizes. This is not a necessity, but an important part of the business ecosystem. in fact, competition can be an effective tool to grow and improve the business. Below are the things the competition can create increased business development, that is :
- provide Certainty
The presence of competition means that customers have the option to choose your business or other. When there is competition, You know that you are not a customer business wear because your business is the only one out there, but because some are out there, Your business is very interesting they. The competition is very important for your business because it gives the certainty that you get customers because of quality products and services for your business.
- Lowering Your Business Risk
Wear competitor analysis to determine :
– How many businesses that offer products and services that the same or similar to your target market.
– How can you differentiate your business idea, which will affect how you plan to market your business.
– Are there competitors that use the same supplier for your business.
– What is the price and the marketing tactics used competitors.
– Are there aspects of your business protected as trademarks and brand your business, design shop, marketing tagline, toll-free number or social media accounts, and whether many businesses that have a brand or a name that is very similar to your business.
- Search Opportunities
Make a list of what you have learned about the competition, create two columns are the advantages and disadvantages of your competitors. Focus on the benefits first. Decide what's better than them in comparison to your business, focus on the changes that need to be done.
Changes that overcome the shortcomings of your business may be in the form of a website that is easy to navigate, standard guideline of customer service that you would expect on the staff who are at the forefront. Larger changes could lead to a re-evaluation of your business or the price of supplies, or how you target your business marketing.
The idea is not to cheat your competitors, but to take the best ideas and fix it. For example, You may have found that your competitor has a customer loyalty scheme Buy nine, get the tenth free’. You can apply a similar loyalty scheme, perhaps more generous and developed further by offering a scheme 'Invite a friend to discount 20% for future purchases’.
Now, change your attention to the shortage of competitors. It gives an opportunity to promote your business differences. For example, if your business runs a garden center, You may have noticed that competitors are promoting themselves as 'Experts gardening’, but their staff who are at the forefront ugly in the customer relationship. You can train staff to start asking each customer how their garden and then offer some tips and guides. This will give your business to show his skills and make customers feel genuinely interested in helping them.
- Allowing for Market Research
In the world of business, there will be instances where customers will go out of your competitors or go to your competitors. If this is the case, learn about what specifically causes of customers' changing business. Collecting this information will allow you a better understanding of your business customers taget, serve their needs better, and make any necessary adjustments. It is important for companies have competitors because they make you stay, to conduct market research. Who knows, You find markets niche with this way.
- Teach Your New Skills
There are many things that can be learned from competitors. If you are having difficulty in learning a specific marketing, look for competitors who can do well and learn from them. There is no harm in applying certain practices into your own plan in which it makes sense. The other side, You can identify where competitors fail, and be the one to meet it. Mistakes is one of the best ways to learn, but it does not mean you become a person who made a mistake. Look at the reviews and learn what mistakes made by competitors so that you can avoid. Although it can be creepy, embrace of competitors in the business could be one of the best moves you can do. It is important for companies to have competitors because through them, You can get ideas and new perspectives, learn how to become more prominent, and further develop your business. Use competitor as a catalyst for change and pay attention to your business success.