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There is always a war going on between competitors to get the first position on SERP therefore they always search for new ideas and marketing tricks and tips. Moreover, the competition gives you motivation to continuously learn and monitor your own technical skills to maintain your position
Learn excellent client handling and new skills such as data analysis and business anaysis (finantial part).
Market Intelegence if different than ours, right contacts for decision making, value engineering and cost optimization.
However, we should always stand on stronger base and better position than competitors and force them to follow us and learn from us.
Success to win deals is to always have more steps ahead of competition.
Consistency and pouring huge investments in their projects
It keeps you up to date with an eye on the future
Know your market well, it is strict followup with your customer which will earn you benefit.
If you are not in contact with your market and this will allow competition to enter in your space.
competitive analysis and competion knowledge is very much important to take a edge over the competitior.
to Understand their strategy and knowledge of their upcoming product will always help to analyse our own strnghts over them.
Good knowledge of competitors and learn their advantages and studied even benefited them in improving my item
Competition is always healthy as it helps grow our business and market, reminds us to focus on our key customers and stops us from being complacent. It also helps you innovate and motivate for a higher standard of customer service.
Competition analysis is of uttermost importance for the successful establishment of market positions. Analyzing what the competition is doing will give you the opportunity to earn your market share without committing grave mistakes. The best way to analyze competition is by conducting a SWOT analysis keeping in mind parameters like market position, market share, strengths & weakness of your product , service delivery, customer satisfaction index vis-a-vis your competition.
Instead of feeling threatened by business competitors one should focus and think about -- What is it that makes our Organisation special?’ What is the unique spin one can provide on the service, product or industry? What can one offer that no-one else can?
Learning from your competitors is an important part of developing a strategy
1. First take a look at what your competition is doing, and what’s driving results. Don’t just start doing what they have done, put their strategy in the context of your business. Will this work for you like it has worked for them?
2. Find out what customers are saying about your competition. Look for complaints about service issues or product defects. Social media can also be a great tool to help you find out how people really feel about your competitors. Use this information to your advantage.
3. Discover weaknesses and try to solve them with your product or adapt their innovations to suit your needs.
4. What is competition doing differently that you may be able to adopt? Analyze different aspects of their process and try to discover why it works for them. Then use this to decide why, or why not, the same methods might work for you
5. Look at the ways they are delivering their advertising. Do they primarily use digital ads, email and social media marketing or traditional methods? Which method seems to be working best for them? This can give you insight on how to reach your target market and find new ways you can improve based on their advertising efforts.
Learn from your competitor’s mistakes before you make them yourself. You can’t afford to ignore them.
