The Importance of Knowing your Competition

 In Attracting Customers, Business Advice

Think of a game of footy. How can you win over your enemy if you don’t know or understand what their key players are like, or what their game strategy is?

If you just blindly kick the ball without giving a care about them, do you think you’ll be able to win the match?

Your industry is basically a giant footy field with teams competing for a ranking. So you need to be analysing the other teams and players.

Why is competition important?
If there’s no competition in the industry, will you be able to say that it’s thriving?

Even before coming into the business world, competition helps you decide whether the niche that you are planning to get into is actually working.

It’s important that you get as much information as you can from the people that are already in there.

Also, understanding your competition gives you an idea on what to anticipate and to help you create a business strategy for yourself.

Learn from your competitions’ failures and wins.
When learning from your competition, it doesn’t mean that you have to stalk them on Facebook. You need to look at what their products or services are, how they market them, how they keep their customers loyal, the skills of the people in their team, who the owner is, what type of prospects do they target, etc. Anything about their business that you think in a way would help you improve yours.

Find out what works for them and what doesn’t. You can form your own strategy based on what works or if you find out what went wrong on the things that didn’t work for them. This does not mean that you should copy from them directly. That’s a different story! Knowing more about your competition and learning from them is different than just blatantly copying them.

Find your business vision and mission.
What drives your company? This should be something other than personal financial gains. Do you have a story of why you got into the industry? How or why do you want to help it?

Develop some core values. What do you stand for? What does your business believe in?

Keep on Improving
Change your ways when they stop working, even if the competition is still doing it the old way. Read up on what’s new and working.

Keep improving yourself and your business. It’s important to know and understand the competition. If they seem to be doing better than you, then it’s a wakeup call that there’s something you are missing or doing wrong in your business. You need to keep in mind that your competitors are not the standard for success. Otherwise, if competition is what keeps you running, what would you do if you surpass them?

Your vision, mission, your core values… that’s what should drive you and your business. These things can only be satisfied if you keep doing better and better.

Remember, you need to analyse the other players on the board, but in the end, you should bring some of your own strategies and values to the table as well.

 

We love to help our clients grow – if you want some guidance assessing your competitors, reach out to find out more about our benchmarking and industry comparative projects today on 03 9988 7777.

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