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We have to observe to sharpen our sales tools
How competitor treat their customers is important aspect in understanding the needs of the customer.
It will help us know the about the marketplace and generate New ideas related to the product.
Analysis of competitor brand added more advantage in setting up innovative ideas in product visibility in market.
Benchmarking is an important element in the economic intelligence and strategic survey that gives us information about our position in the market and new technologies and methods used by competitors that could be profitable for our company ; that's why I want to bring to your attention the necessity of registering new inventions (ideas and products) so it protects our creativity
Competitor analysis is always good to know your strengths weaknesses and areas of improvement.
We have to observe how our competitors treat their customers because through that we may observe our own performance. If the company is meeting the customers satisfaction and if we are doing what we should be doing. This may bring us new ideas of improvement that will excel our competitors and be on the top.
Thanks for inviation,
In a very brief wording, you have to keep foucsing on how you competitors treat customers in order to increase your market share, or at least to save same as it is without losing part of your loyal customers.
Thank you for the invitation.
Knowing your competition well helps you:
Understand specifically what your competitive advantages are. Understand the specifics of the marketplace where you hold that advantage. Target your efforts on that marketplace, which should increase your return on your marketing investment and increase your sales yield.
Every business plan needs to include information on competitive analysis.
It's one of the most important points in your plan and should always be included, even when you're just doing an internal plan but especially when outsiders will read it. A competitive analysis is your chance to look closely at your business. This helps to formulate your business strategy well and stay on top and in range with others.
If someone were to ask you who your technology services firm's main competitors were:
you could probably rattle off the names of a few firms without giving it much thought. After all, you know which firms are considered industry leaders and which firms you tend to go up against in competitive bid situations.
The Importance of Researching Your Business Competitors:
Research is a vital component of any new business and ensuring there is an actual market for your intended business will include understanding your competitor's stake in the market.
Everybody always says that knowing your market is everything. Saying it is one thing, but understanding why it is so important will help you stay ahead of the pack.
Few things in business are more important than researching your competition.
When you know what they're doing, why they're doing it, how they're doing it and the gaps in coverage that they have, you'll be able to outshine and outlast them. Plus, it teaches you not to be afraid of competition.
A competitor is any person or entity which is a rival against another. In business, a company in the same or a similar industry which offers a similar product or service. The presence of one or more competitors can reduce the prices of goods and services as the companies attempt to gain a larger market share.
10 tips from entrepreneurs and small business owners on how you can start gathering information on your competitors.
Some of the most influential business rivalries of the late 20th century, for today's corporate leaders.
All of them have followed each other and known what is lacking and bridging the gap to be better companies. This could only be possible with the internet and social media, facebook and intranet. Being aware of this, large or small companies can be better than one another. Thanks to improved technology.
Every competitor has definitive weaknesses and strengths that may be points of potential advantage for your company and products. In most cases, larger companies cannot make decisions or allocate resources, personnel, and materials as fast as a smaller company under changing market conditions. Smaller companies may have to be content with a limited, but profitable, objective of taking what they can from the market before larger competitors catch up later.
Thanks
That's happen to learn how to gain new customers ( potential customers) sometimes watching others is necessary to get new benefits especially in open market
