Who else is entertaining your customers?
You cannot ignore your competition. They are out there, whether you like it or not and they are chasing your customers – just like you are chasing theirs. You need to know everything you can about them. Keep your friends close and your enemies closer. You can learn a lot from your competition, what works for them and what doesn’t.
Most top sports people look at their opposition and learn from them. Knowing how they operate uncovers ways to play their game better and the weaknesses of their opposition.
You should study your opposition and look at their progress and initiatives. This can save you a huge amount of time and money. If they try something in the market and it fails, then it’s likely that you would fail to if you tried the same thing. Conversely, if they are successful, then it’s likely that if you attempted a similar initiative then it would be successful. If your competitors are large and we resourced, they will have put a lot of time and money into an initiative – time and money that you don’t need to spend.
If you have a new product or service there will be someone out there that has been there before – at least in a similar business or product niche. You can learn from them. If they failed – then all the better, because if you can work out why they failed you can plan to avoid their mistakes and learn from them.
You need your competition so that you can clearly identify why your product or service is different and therefore identify what makes you different in your market – your market niche.
So love your competition as they are invaluable to you and they will show you the way – or not the way! Learn from their success and mistakes.
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