HOW CAN YOU BENEFIT FROM YOUR COMPETITION
Use your competitors to your advantage
In my previous post, I wrote about how you should get to know your competitors and how to do it.
This post is all about the benefits you get from knowing your competition well and there are many.
Borrow the idea
It’s not good to steal, but borrowing sounds better, which this actually is.
When Steve Jobs introduced the smartphone for the first time Samsung, Huawei, Nokia…whoever..borow the idea of touch screen and put their twist on it.
Same thing you should do as well. Get to know what your competition is good at and borrow the best practices and put your own twist to it.
Learn about their customers
It’s nothing new to take somebody’s customer. It’s all a fair game (hopefully).
Get to know your competitor’s customers and see how they are responding to their content and their marketing, product, or service.
Try to find out and see what are the areas that their customers re not satisfy and collect that information to improve your product or service in that area.
Learn/understand new ways
You can “use” your competitors as a way to find out something new. You might learn that they are talking to a third party who is interested in something completely different and unexpected.
As an entrepreneur, you always need to be flexible with new ideas and try to find out how you can implement new ideas, products, or service into your business operations and improve your overall business.
Your competitors might show you a new emerging trend that you will be able to adapt sooner and better than them and make it your competitive advantage.