5 Oct 2022| Blockchain
Add Advantage by Knowing Your Business Competitors
All businesses face competition. But knowing who your competitors are, and what they are offering can help you to make your products, services, and marketing stand out. Having a thorough knowledge of your competitor not only lets you set your prices competitively, but also helps you respond to rival marketing campaigns with your ingenious initiatives.
In this blog, we will be discussing understanding competition in business and learning how to identify key competitors to better position and sell your products or services.
In business, recognizing your competitors is crucial before you finalize your decision about which business category and market segment to compete in. The success of your new venture or existing business depends on this as it reduces risk, time, required resources, and expense. If you wish to compete in the competitive market effectively, you will need to do your homework right. Getting answers to these questions might help.
First things first, there are a lot of things which come into play when identifying your business competition. Start by narrowing your choices and decide which industry, product or service categories, brands, geographic areas, channels of distribution, etc. to compete in. This only helps you in your effective and efficient marketing program, when on a budget.
There are three levels of competitors you will be taking on in the business.
This analysis is vital to carefully consider all the alternatives that there are to purchasing from you, from the buyer’s point of view.
Be aware of your direct business competitors. Most of the time, you’ll know them by their names and would also belong to the same business associations as well. It is to your advantage to know as much as you reasonably can about the details of your competitor’s businesses. You could study their business model, ads, brochures, and promotional materials. Learn about them, their clients, location and so on.
It is not just the strengths of the competitors that come to play but also the weakness. Your business competitors’ weakness could be an advantage to your company or business.
Once you have identified your primary business competitors, also figure out your second and third-tier competitors as well. It is best to give some thought to which actions your competitors are likely to take shortly. Estimates of competitors’ future activity depend on your knowing and understanding of their objectives, strength in the marketplace and resources. This could be advantageous to your business by
Gathering competitive intelligence (Data from sales forces, consultants, promotion and ad spend, new product introduction, sales results market share trends, etc) is the difference between realizing your company’s annual plan and losing business that may never be recouped. Understanding each competitor’s behavior in terms of short and long term objectives, strategies, and tactics will be extremely important to the survival and success of any business.
And, we can’t stress strongly enough that you don’t need a huge marketing budget to become knowledgeable about your competition.
Implementation, and management, we are here to accelerate innovation and transform businesses. Contextual marketing is a modern marketing strategy to communicate the correct message to the ...
Tags: Technology Artificial Intelligence