Do You Know Your Competition?

know your competition

You need to know your competition.

Regardless of whether your business operates online or offline, knowing and understanding your competitors is vital to your success. Just as no man is an island, no business operates in seclusion. It’s extremely important for you to do your research on your competitors and find out about their strengths and weaknesses. There will always be other businesses that provide variations of your own products and services, and knowing who they are and how they work will give you an edge on securing clients.

Most likely, you are targeting clients from the same pool of prospects. By knowing the tactics and techniques that your competitors are using, you can gain an advantage over them and attract the prospects to become your clients rather than theirs.

It’s important that you understand your competitors so that you can position your business and your products and services to stand apart from the crowd. Otherwise, you simply become just another business offering the same services as dozens of others. Why would a prospect choose you over any of the rest? Do you want to leave that to chance, or are you going to take a page from successful businesses to create and develop your own unique brand?

So how do you go about developing a strategy to position yourself and give your business a leg up on your competitors?

Read more