Be Obsessed With Your Company’s Competitors
For your business to be successful, you need to know who your competitors are. When you compare your business to another one, it allows you to broaden your mind. You can focus on improving your business techniques by targeting your audience in a better way. But before you can improve your technique, here are a few factors you should know about your competitors:
Two types of competitors: Direct & Indirect
Your Direct competitors are the companies that offer the same product or service. Indirect competitors are considered the business that doesn’t sell the same product or services as you but meets the same need in a different way. Knowing your competitors can help you open your eyes to your marketing techniques.
Price is very important especially if you are selling the same product or service. This allows you to see where your price falls compared to your competitors. Knowing your competitor’s price isn’t just about who’s price is better. If your price is higher than your competitors you need to demonstrate your targeted audience why the higher price is worth paying. If your price is lower than your competitors, you might be at an advantage but that’s not always the case. Just because your price is lower doesn’t mean you are going to get more customers. You need to convince your targeted audience that your product is just as good as those that are expensive. Remember even your lower customers can buy from your competitors if their overall product is better. Price is just a game! You need to know how to play it!
Strengths & Weaknesses:
You should be aware of your competitor’s strengths. Look at what their customers like about their product or service. This way you will be able to offer something similar or better than theirs. Just like you would look at their strengths, look at what their weaknesses are. Knowing your competitor’s weakness can help you learn what not to do in your company. It can also teach you on how to handle a situation if it ever occurred to you.
Knowing about your competitors will allow you to improve your own business!