It’s difficult to come across the first kind of entrepreneurs. They come up with revolutionary ideas that can take the world by storm. This breed of entrepreneurs is rare and makes an appearance once in 5 to 10 years. Classic examples are Bill Gates, Steve Jobs and Mark Zuckerberg – technology revolutionaries with offerings that changed the way people lived their lives.
The second kind of entrepreneurs prefers taking a safer path to business success. They adopt a proven concept and launch it in a new market. Or they give a different twist to an existing product. This is a safe method that ensures minimal risks. There is an air of confidence when entrepreneurs take on such projects. This is because there is a wealth of learning ready to be absorbed from the experiences of competitors.
This article is aimed at the second kind of entrepreneurs. The goal is to help them gain knowledge about their domain by learning from competitors.
Learn the desirable traits of competitors
There is a reason why some competitors are successful at what they do. They possess certain traits that help them establish a strong rapport with customers. What are these traits and how do they influence the way a target audience looks at them?
Examples of desirable traits are economical pricing, attractive packaging and frequent offers. Incorporate the best of these traits in your business to offer the ultimate customer experience.
Learn why competitors fail
Not all competitors are successful. You can find out why companies fail by observing the way they do business. Check out their offerings and you will notice a lot of shortcomings. Their products don’t exactly match the demands of their target audience.
A quick glance at their websites or social media profiles will introduce you to more mistakes committed by them.
Compare your business with those run by competitors
– Take a large sheet of paper and jot down the names of 3-5 competitors. Also, provide data for the following against each competitor:
– Product the competitor is known for
– Price of product
– Years since launch of product
– Quality of product (on a scale of 1 to 10)
– Market reach
– Does the competitor invest heavily in marketing?
– How does your product fare against the competitor’s?
– Presence on social media (number of followers)
Add data about your own product to the ones written for competitors. How does your product compare with the others? A thorough comparison will provide you with great insights to take your product to greater heights.
What is your take on this article? Do share your input on competitor learning in the comment box below. We also suggest you highlight your logo on our personalized backpacks to ensure greater visibility for your brand.