There is an old saying you have probably heard many times, but this saying also applies to the corporate world: “Keep your friends close and your enemies closer.” Not saying to look at your competitors as enemies, because you may, at some point, want to collaborate with them, but keeping with the analogy to keep a close eye on what your competitors are doing.
Get to Know Your Competitors
One of the very first things, as a business, you need to come to terms with is, what your business is offering, in terms of product or service, is probably not unique. This is not to say that it’s not different, but it is not 100% unique. Eight times out of ten, someone in the business world is doing the exact same thing and it may be doing it better. Now, it’s up to you to determine how they are accomplishing it. One way to achieve this is developing a relationship with them. Most businesses fail to do this because they think that working with their competitors will not help them in any way. The truth is, this is one of the best strategies you can do, to grow your business. Developing a relationship and Paying close attention to your competition helps your business function better because you are now adding dimensions to your business and this enables you to understand the industry that you are competing in.
Performing an analysis of your competitors is very critical to your success as a business. Keep in mind that you can learn so many things from your competitors. See them as an essential part of your professional success, because once you’re able to understand your competitors’ strengths and weaknesses, it will help you to understand what you need to do with your own business. At the end of the day, your overarching goal should be to innovate, not imitate.