“Whether it’s Google or Apple or free software, we’ve got some fantastic competitors and it keeps us on our toes.” – Bill Gates
In this era where people are moving faster than time. Every morning there is a new firm or organization on the first page of the newspaper. Influencers are promoting a new brand every day of the same kind. How not to expect competition in such a scenario?
Our competitors are not our constant enemies. They are those pals who inspire us to do better each time. Though we should be aware of those superpowers that make them superior to us.
Know Your competitor
The first move should be to do a competitor analysis of your competition. Start with basic information that is always left behind, how they started, what was their aim, what they did before, and what were their initial sources and guides.
Few essentials you should also be aware of: your competition, their market position, What their strategies are, How they are imposing their strategies, what message they are giving to customers, the quality standard of their products, and what are customers’ reactions to their product.
How to check strengths and weaknesses
To check the strengths and weaknesses of your competition you need to analyze their superpower and weak points. We have discussed a few topics you should keep in mind while analyzing your competitor pal.
Strengths
Service and product
If they are your competitors that means you both have the same market, and you both make the same product. For example in a market there are two coffee shops A and B opened in the same period, A is growing with every coffee it sells and B is stuck at grinding coffee beans. B needs to survey what superpowers of A’s service and product are lagging. Understanding your competition’s strengths and weaknesses can guide you in choosing the right product for export, allowing you to capitalize on gaps in their market offerings.
- They need to study what are those features that make A stand out in a crowd, be it their food’s taste, food’s quality, ambiance, or interior.
- In business, the customer is the god. As long as you can’t impress your god, you can’t think of looking towards the window to success. What unique qualities of A that attracts customers, is their staff more hospitable, do they have better service than yours or they have some special menu or they are giving special discounts to their regular customers.
Media attention
Before stepping out, people check what the internet predicts about the weather today. How do you expect people to check reviews online before stepping into a cafe or buying a product? Media attention has become a crucial part of sales these days. Want a healthy heart? Knowing your competition’s strengths and weaknesses is like having a heart monitor for the market, giving you valuable insights to keep your own business thriving. You can see companies advertising online in every creative way possible, spending huge amounts of money on advertising. Because until or unless you don’t show it you won’t sell it.
Here, B needs to study A’s advertisement strategies. For example, Starbucks came up with the idea of getting your name written on their coffee cups, which made them popular with every post people shared of their cups. It’s necessary to know about your competitor’s marketing and advertising strategies, especially one that gave them that boom.
Recognition in the industry
Check how renowned they are in your industry. What position do they get when your target audience thinks of your product category? When people in the area of A and B think of going out and having coffee, which place would they think of first, B or A? Even though A has degraded its food taste but still made its name in the market, people still prefer going there because of its renowned name in your area. That is the importance of recognition of the name. Knowing your competition’s strengths and weaknesses is crucial for any jewelry-making enterprise to thrive.
Weaknesses
The best way to know about the weak points of your opponent is from its customers’ feedback. To find loopholes in A, B can research A’s customer reviews on google, zomato, and other related websites. You should read what critics have to say about them in such a scenario. Have they downgraded their quality, our services are not satisfactory anymore, their interiors are not well maintained and the place is not hygienic? To get honest answers to these questions and to know the weak points of your opponent, research well about critics and make them your buddy.
Conclusion
In conclusion, by now we are well aware of how to know the strengths and weaknesses of our competition. Now you need to examine and plan good strategies which will help you to improve your business and new techniques you would inculcate that bring that boom to your business.
Hope this article brought some light to the subject.
Author’s Bio:
Riya Vaishnav is a passionate young blood, fond of exploring and learning new skills. She writes about lifestyle, healthy living, and marketing. Besides, she is intrigued by fashion, food, and natural aesthetics. She has written for Thrv – Job to be done.
