Knowing your competitor, why is it important!

Ever heard of the popular saying “Keep your friends close but enemies closer,” it’s the same when doing business, actually. Knowing your competitors especially in the business world where sometimes the best place to learn from is from your competitors.

The existing markets thrive off competition for market share of their target market on the basis of their various competitive advantages?

These various competitive advantages give birth to different types of competition. Some companies have similar products and services and compete for the same market, making them direct competitors, but this is not always true, as there are companies selling the exact same product but to different age groups.?

Companies compete with companies that provide substitutes. In this case, the goods and services may be different but their target audience is similar, these are normally referred to as indirect competitors.?

There are also other factors such as quality of products, pricing points, geographical locations which factor into what can be considered as competition.

The knowledge of your possible competitors is needed right from trying to decide if they are competition or not.?

Once you understand your competitors, it is time to analyse them. This includes target market, marketing strategies, customer satisfaction policies, search engines rankings, and more

Analysing these factors and comparing them with your own will help you find what they do better than you and what you do better than them and also what they do that you do not and vice versa.

This Analysis can then be used for a variety of activities and decision making, such as future expansion plans, by helping you find the niche and gaps your competition is failing to fill, make contingency plans and do not risk analyses by analysing their failures,?

SEO keyword analysis to find their target market and also the market they are missing out on.

Simply put, a competitive analysis will help you find the competitive advantage you have over your competitors and utilize the advantage to its best.

Competition is something that is necessary to keep people and businesses on their toes and working hard to give their absolute best.?

The advantages of knowing your competitors are endless, which is why many businesses join business mentoring programs to help guide each other while being engaged in healthy competition.

Competitive analysis is absolutely necessary for small businesses because competing not only with other small businesses but also with the big players in the market.?

It becomes necessary for them to use their unique competitive advantages to their full potential.?

However, this analysis is time-consuming and difficult, and this is where our digital marketers come in. They are pros at the analysis and can do it for you, leaving your time to grow your business.?

Get in touch with us at Net Fusion Technology to book a consultation now!