Here’s Why Knowing What the Competition is Up to is Important

By Soko Directory Team / Published February 4, 2016 | 9:25 am



competition-in-business

Knowing what your competitors are doing is one thing that helps running a successful business. Despite this fact, most companies and organizations ignore this. The current market conditions are very difficult to venture into due to the stiff available stiff competition.

As you relax telling yourself how your business has prospered and is heading to higher levels, your rivals may also be there watching every move that you make and some of them may even go ahead and start planning how they can steal a share of your business. You have to be alert, and try to find out how your competitors are moving on so as to keep up with the pace, or even increase.

Another thing to worth noting is that in any business, one needs to spend more time watching their backs and looking at what their competitors may be up to. You need to defend your market position and maintain your competitive edge at all times. The following are some of the ways that can help one keep up with competition:

Carry out research

It is advisable to carry out as much research as possible on your competitors so as to get to know what they may be up to. There are different ways that can be used in your research like visiting their websites and noting whatever they may be doing or planning to do. Compare all that with whatever you have with you. Visit all their social media platforms as frequently as possible so as to be up to date with all the information.

Most times, companies have segments on their social media platforms where they present their strategies of doing things and talk about their plans. Some may even go ahead and include new products and new markets that they may be venturing into.

Enquiries

The best way to know whether your services and good is through enquiring from your customers. Get to ask them how they perceive whatever you may be offering them with, whether they are satisfied and whether they need changes. Try to find out from them how they find the same services from your rival. This is where you will get a chance of comparing notes and using them to make changes where necessary.

Try to compare prices and charges between you and your competitors so as to know how to adjust with the competition.

Competitor Analysis

First of all, you have to know who exactly you are competing with. You may be surprised to find out that the people whom you thought were your competitors are not! This is where you will be forced to go to the ground and get the reality.

Ensure that you offer customers with unique products and services. If they happen to be the same with someone else’s, get a way of making it appear different so as to attract more customers. It is not easy to stay ahead of the competition, but good thinking, decision making and strategies will keep you ahead.


Article By Vera Shawiza.





About Soko Directory Team

Soko Directory is a Financial and Markets digital portal that tracks brands, listed firms on the NSE, SMEs and trend setters in the markets eco-system.Find us on Facebook: facebook.com/SokoDirectory and on Twitter: twitter.com/SokoDirectory

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