Don’t hate your competition, you want to learn from your competition.
Instead of letting your competition blind you with jealousy or anger, you can learn how to advance by examining their actions. In this article, we are going to talk about five most important things to learn from your competition.
When you are setting your prices, you should always look to see where your competition has set themselves in the market. You may have to do some mystery shopping or have a friend do mystery shopping to find out what their rates are if they keep them private. Depending on the product or service, they may be listed online where you can easily see them.
Once you learn how your competition is operating with their price strategy, you will be able to see how you want to position yourself. You may want to put yourself in a similar price range, lower than their rates or you may want to charge premium prices that are higher than your competition.
If you see that your competition has a thriving company, look into their culture. The company culture has a lot to do with how well a company does.
If you aren’t sure how to create the same type of culture, you can see the kind of messaging they use in their job descriptions and even interview previous employees to find what you can about how they create the culture in their company.
The structure of a company is important. Whether you are starting your company or you have been operating for a while, you can look at your competition’s company structure and see if there are things that are lacking in your company so that you can improve upon their model in your own company.
There are various ways that you can gain access to company financials. Depending on the kind of company it is, the financials may be public which makes it easy for you to look through. When you can see what they are doing with their money, that makes it much easier for you to decide what to do with yours.
As you are reviewing your competition and trying to learn from your competition, look for any weakness they have. Oftentimes this is a point where you can grow your company to be strong and shine even brighter since they are less than brilliant in that area.
There are many ways you can learn from your competition so make sure that you don’t miss out on any of them. These five are only the beginning as you are improving upon the strengths and weaknesses of your company.
What strategies are you going to implement because of something you’ve seen from your competition? Share in the comments.