Five ways to understand the competition
And the more you know about your competitors, the better you’ll get at beating them.
You know the saying – keep your friends close, and your enemies closer. And the more you know about your competitors, the better you’ll get at beating them. Use these tips to stay on top of information about your competitors – even if they are located on the other side of the world.
It used to be easy to know what a competing store down the street was doing by simply walking by the window – or even stopping in to snoop around. It’s understandably more difficult to assess the competition if they are operating from a distant country and offer only a website storefront.
While many small businesses see their competition as primarily local, the Internet has changed the playing field: a local business could now be facing competitors from across the world – and that’s a daunting thought to any business owner looking to win new customers.
Remember: successful business owners treat competitive intelligence as on ongoing part of market research.
So, in this digital landscape, how can you stay on top of your competition? Use these five tips to get to know as much as possible about the other players no matter where they are.
Paying attention to your competitors will give you an edge as you increase your understanding of their strengths, weaknesses and strategies. Try to learn something about your competition every week.