To some individuals, knowing what competitors are doing can be an abomination. But such thought shouldn’t be for you. That’s because you’re an entrepreneur who wants to get better every day. You’re a business minded individual who seeks to outsmart others in certain aspects. You’re a person who intends to avoid some business mistakes. So, there are no reasons for you to blacklist competitor research from your business dictionary. It’s something you must enjoy doing and enlist to your business journal.
Come to think of it: Why should competitor research become part and parcel of your business process? There are many reasons for embarking on such activity and here are some vital points for your reflections:
No individual or business is beyond mistake. Every business manager or organization team are bound to make a mistake in an accounting year. The impact of such a mistake can manifest in term of staggering sales, poor service quality, and lots more. Engaging in competitive research thus help the researcher to understand factors that can displease clients and ultimately guide against similar pitfall. This thus helps to avoid stumbling on costly business mistakes.
Modeling what is working for competitors
Certain tricks are working for your competitors. You can only know them when you embark on competitors research. From customer support, ordering processing to marketing tactics, competitor researches helps to unveil the secret of competitors in those areas. When they are revealed to you, they are easily modeled and incorporated into your business processes. By so doing, you will be keeping your business workflow updated and optimized. Such an idea is more relevant when competitor activity is modern and effective. They’ve tested the strategies over time and have gotten the expected results. So, modeling after such technique will be a plus for your business
Reveal newer opportunities
When you engage in competitor research, you’re able to identify yet-to-be-tapped opportunities. You’re exposed to niches or areas competitors are not covering. That discovery act as a pointer to new ideas that worths your time and effort. Sometimes when such discoveries are made, you must be willing to investigate the reasons competitors are not investing into such area. It’s likely there is no market for such opportunities or expertise to render such service is limited.
How to engage in competitor research
Identify your business weakness and find out what competitors are doing to overcome such weakness
Subscribe to competitors newsletter and see how they are engaging their clients.