How Knowing Your Competition Can Be Your Competitive Advantage

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mdsultan
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Joined: Tue Jan 25, 2022 3:50 am

How Knowing Your Competition Can Be Your Competitive Advantage

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I'm not a super competitive person in general. Granted, I enjoy winning and succeeding, but I've never been deeply motivated by the actions of others to push me forward. Usually because comparing yourself to others can be futile, almost like an unwinnable price war. There are too many unique apples and oranges to ever make an equal comparison, with everyone's circumstances being slightly different.Where I want to whatsapp number list take my business or how I want to operate it may be totally different from my competitor's finish line. Not being aware of these differences or being competitive just to “win” can distract you from your own goals and lead you dangerously far from your goal.

The challenge is that often times jealousy and competition can get mixed up in the same fight, and that's when things can get bloody. But if you can quell your jealousy, which has no positive purpose, and instead focus on specific things that you can learn from your competition that can help you achieve your specific business goals, then you're actually going to get somewhere. . Like further.get ahead of your competitorsBeyond your business planMost people do competitive research when starting out and working on their business plan. It is absolutely necessary. But once that's done and in the box, few business owners have a formal plan or process for continuing to monitor and analyze the competitive market, and that's where you can start to lose ground.

Markets, technology, hiring and layoffs, consumer behavior, trends, economics - everything is constantly changing; sometimes incrementally and sometimes astronomically. And all of this affects the way you and your competitors do business. If you don't keep tabs on what's going on, you could miss a major move that could leave you breathing in your competitor's exhaust.It is therefore important to set up a system for regularly monitoring your competitors, without becoming an obsessive stalker. Remember, don't spend more time on their business than on yours.

There are different ways to gather business intelligence and which one is right for you depends on your industry, resources and budget.You can hire a consulting firm to perform competitive analysis for you, providing a report with findings and recommendations. And usually with a rigid invoice.You can also keep an eye out for other easier and simpler ways:Subscribe to their newsletter/blog Most companies have a newsletter or blog providing updates on what's new or their opinions on industry-related topics. This is an easy way to find out what they think as well as announcements about new products, services or customers.
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