How Well Do You Know Your Competitors?

In Enterprise, Small Business by tmcLeave a Comment

You probably have a great idea and it’s all set on paper as a business plan, and you are looking to kick-off your business as soon as possible. You are really excited, and already a lot of basic planning may have been done as to how you are going to take off. However, do note that it is not all about you; you probably are the only one who has had such genius idea or business plan. So, just before you hit the” take-off’ button, take a little break off the excitement to ask some really objective questions regarding your competitors – those who have gone ahead of you to do the exact same thing you intend doing. Some questions you should ask yourself and try to answer are:

  1. Which businesses are already doing what I plan to do?: In a bid to familiarize yourself with already existing businesses within your niche, you should have this sort of question on your mind about those who have gone ahead of you to do the exact same thing you intend doing.
  2. What will my Unique Selling Point Be? Once you have determined the businesses who are already established in the line of services/products you want to render or sell, you need to find out what unique strengths you have that your competitors don’t.
  3. What are they already doing that is bad for business? : Next, you should seek to find out what they are already doing that is bad for business. For example, if you are starting an e-commerce shop and,  perhaps, several of your competitors are offering the “Pay On Delivery” option, you need to determine whether or not this option it too much of a risk to take. It helps to do an objective research or conduct a poll, so you can get the facts right and then based on your findings, you can decide if it’s a good or bad business strategy to take on.
  4. What are they already doing that is a plus for business? Give some competitors some credit, be fair to them. They probably are doing a lot of things that are genius. What you need to ask yourself at this point is, ‘how can I improve on their genius strategies”?
  5. What ratio of the potential market is yet to be harnessed? Asking this question is critical to your business. You need to know which business sectors or your physical locations has your competitors already conquered in business, and which existing markets are still left untapped. It sound logical enough to start from markets that are yet to be harnessed by existing businesses.

Many times, all a business needs to stand out is a game-changing plan. A game-changing plan in business may not look so grand and fabulous sometimes; it can just be something really simple, yet able to catch the attention and earn loyalty of a greater percentage of your potential market.

What do you think? Please share in the comments section below. Thank you.