Having a competitor makes a business interesting, as without an opposition you cannot feel the progress, success, and winning. Entrepreneurs would never put that much dedication and passion into their work without a competitor constantly at their back trying to leave them behind in the race of time. Having a competition is sometimes a tough deal, as CEOs and owners have to deal with constant mental pressure and stress, which affects their health negatively. Nevertheless, it never hurts to have a thorough look at your opponents and analyze the environment you compete in.
Here are some ways you can derive out profits and gains from your competitors, which will benefit you and your business in the long run.
- Know their weakness. To gain a competitive advantage over your opponent and to stay ahead of them in all ways, understand their weak points. Find out what your competitor is lacking and what the flaws of his service or product are. Once you cover that shortage with your company, nothing can stop you from getting more customers, thereby growing.
- Outshine them with your Innovation. Getting to understand your competition’s weakness isn’t the only thing, sometimes you need to outshine and leave them behind when it comes to innovation. An excellent example of this theory is Steve Jobs. He would never reveal what features Apple’s next product will have, but directly make an announcement and have the world at his feet. Hence, take your competitive strategy a notch higher, and do the impossible.
- Pay Attention to the masses. Be active on social media and listen to what people are saying, monitor trends and see how the crowd is moving, and essentially – what is moving the crowd? Once you familiarize yourself with the movement and get a hack of the strategic management behind the trend, you can easily gain the number in the market.
- Partner Up. If your business competition is too good at his game, and there is no third player in the market, you can offer to partner with him, and rule the world. There will be no other competitor of your level, once you team-up with your biggest competition and this is how you can ensure your longevity on the market without a threat for at least a half a decade.
- Learn from their mistakes. There is no firm or business which hasn’t made a mistake in the past, and so has your competitor. Hence, look up to them as to a senior in the market, see and learn from the mistakes they have committed, and they will unknowingly end up helping you in a much larger manner than you can think of. Competing companies usually do that with each other, to keep ahead in the rivalry.
- Get the best team on board – Sometimes hiring expensive individuals and experts can prove a good cost advantage decision, as you will eventually be making more profits, and generating higher revenues than before. If you think affording professionals is tough, and not possible, think on the brighter side, and think about the business, they will bring to your company. You can never get that kind of expertise anywhere else, but inside your own firm, and there is nothing better than that.
- Take an Inside Look at your own company. Monitoring the outside business environment, executives may forget the importance of paying attention to the inner atmosphere of the company. Carefully evaluate the personnel performance, operations, loyalty, and management. By doing so, you will prevent the major problems dealing with arising issues at their start, as well as get a room for improvement for future. Hence, you will no longer repeat the mistakes you have been doing since long.
- Strengthen your Strong Area. When you comprehend what your rivals are up to, you will also understand in which area they are weak, and in which sector you lead the market. Once you recognize your own strong side, keep enhancing it further and do not let yourself relax. That way, nobody will be able to defeat you in at least one thing.
Paul Calderon is a business analyst and a professional writer at http://payforessays.blogspot.com. His publications are recognized by the varied audiences, from students to accomplished C-level executives. Paul holds a Ph.D. and is currently working towards mastering the profession of a web developer.