Many businesses ignore their competition at their own risk. You need to know and understand those that you are competing with. In some respects your opposition will be successful; they have made mistakes that you can learn from, rather than repeat the same mistakes.
Top sports men and women and top teams spend a great amount of time studying their opposition and looking for weak points. They do this so that they can make their own game plan to take advantage of any perceived weakness. You need to look at your opposition and look for weaknesses that you can take advantage of.
There are teams of sports professionals that study their opponents and track their progress. This saves a great amount of resources – both time and money. Not only do these strategists learn about the game that their opponents play but they also find out where they play and more importantly, where they don’t play. If your competitors are large then they will have invested a large amount of money and time in analysing the market and you can take advantage of this and apply it to your business.
Many times in business it is unusual for someone else not to have been there before; If not exactly in the same market and industry as you then in a very similar one. More than likely there will be a similar business in a similar industry. Don’t think that you have the only idea or that your business is unique.
The only way of identifying your niche is in reference to your competition so the better you understand their service or product then the better you will be able to not only identify your niche but also operate in that niche effectively so that your competition are unable to exist in the name niche with you.
You can also take the opportunity to capitalise on your competitor’s strength by piggy backing on their business practises and advertising promotions. If you can be seen to be matching your competitions service or pricing, or even better still, beating your competition on price or value then you will be able to gain more of an advantage and visibility on the market.
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