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Study your competition and achieve more

Understand your competition and get results

Companies are not isolated agents, but economic entities affiliated to a full stakeholder environment. In this category, they are included alongside other businesses which, based on similar characteristics or diametrically opposite features, seek to keep consumer preference.

In general terms, companies will have to beat a series of opponents on their way to success; to do whatever is in their power to woo users and make a difference in the market.

It is therefore essential that new owners understand that the evolution of their business depends not only on creating an attractive product, but that it is sufficiently different and helpful to leave an indelible mark in the minds of customers.

For this to happen, corporate leaders, far from shunning competition, should think carefully about what their opponents are doing. Depending on that analysis, you can then design and implement an action plan that allows you to catch the public who are interested before anyone else.

Experts in business development and marketing, point that every business leader in the making must study their business opponents. Here we explain in detail:

1. Preliminary study. First of all, you should clearly define who your competitors are, for example: if you have a company dedicated to the production of glue, you cannot make a comparison with a restaurant. Your mission is to identify those who can take away customers or at least compete for them.

2. Similarities. Look to provide products and services that could be confused with yours and make them look even better. If there are similar products or services, it is essential that the characteristics of your offer reflects added value. Remember that with similarities, the differentiating factor is the key to beating competitors.

3. Marketing strategies. Have you thought about analysing communication channels using your opponents to spread their products? Do you know what is said about them in the traditional media and digital channels? Do you know what marketing strategies they used to woo their customers? Resolving these questions are essential to obtaining information that can compare with your market related actions. This will help you find the best ways to promote what you do and capture public attention.

4. Digital-Mobile Presence. It is also essential that you analyse your own online presence. Do you have a website or a blog? Do you have profiles on Social Media? What kind of content is generated? Do you have a virtual shop? Do you accept payments by credit card or debit? Have you got feature Apps as mobile payment? The data emanating from these questions will help you visualise areas of opportunity that should be explored to get you on top of your industry.

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