While we are not encouraging you to take up espionage as a new hobby; taking an active role in knowing your competition is vital.
Knowing your enemy (the competition) is one of the strongest ways to ensure that your business flourishes in a saturated market.
Knowledge is half of the battle - being aware of your competitors’ price points, package options, strategic positioning and future projections allows you to utilise innovation, identify their weaknesses and exploit them.
Okay, okay, that sounded a bit cutthroat - but wait - the world of small business can often seem that way! If you aren’t prepared to beat the competition, you aren’t prepared to grow.
However, market domination does not have to be your sole goal; learning from competitors and their processes garners valuable insights into client management and consumer demands.
How are your competitors meeting demand? Can you deliver something better? Collect their marketing materials, memorise their key pitch points and know their product like you know your own.
Once armed with this knowledge, you can identify your own unique qualities and expose them. Better yet, you can use them!
This is how you define yourself within the market.
Develop your products or services to fulfil an exclusive market niche and then build your strategies around these qualities.
Create add-ons or line extensions which can seize a new target niche and capitalise this new market that your competitors have not have yet identified.
You know the old saying - keep your friends close and your enemies closer! In business, it may often feel like warfare, however, creating alliances and befriending the perceived enemy can at times be beneficial.
Partnerships and potential buy-outs are always on the horizon - keep friendly relationships for long-term purposes. Cooperation and collaboration can often be beneficial to both parties.