When you’re in business, chances are there are a ton of other businesses out there offering a similar product or service as you. Establishing an edge over these competitors is very important and you can do that by learning more about them.⠀
Researching your competitors is an essential tactic for finding out what your competitors are doing and what kind of threat they present to your financial well-being. After the research is carried out, you’ll have a better idea and understanding of what your competitors are doing. You’ll also be able to identify particular areas that need improvement and improve on areas in your business.
Now for us, we know the competition but we also try to find areas where we can collaborate on our areas of strengths and weaknesses as well. For example, @garmentproductionhouse, we pass on work to ‘competitors’ where we do not have the capacity or we are extremely overwhelmed. Others have passed on work to us as well. So we believe a lot in collaboration.
At the end of the day, competition is good because it keeps you on your feet. However, you cannot let other businesses the products to deliver if you want to become the industry leader. In simple terms, don’t wait for others to offer an innovative product and then jump on the same idea. Be unique, don’t copy, work on your product, do a lot of research and continue to be a step ahead of your competition.
Would you like to learn how to research your competitors? Leave a comment below ? and I’ll start working on it.
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