By the term “GROW YOUR BUSINESS” we assume that, it can only be done by putting a lot of money. To some it means just keep looking in your business and seeing what can be improved.
Now, it’s true but partially.
What if I tell you that you can grow your business upto 40% by just simply learning from your competitors.
YES! IT’S POSSIBLE!!
It has been observed that 80% of entrepreneurs put a lot of money or keep looking again and again into their businesses to improve it and make it grow. It surely helps them but, not in a way as expected.
So the question arises
HOW TO LEARN FROM COMPETIORS AND GROW YOUR BUSINESS??
Competitors are the best people as they are in the same field and we can easily understand how they market, advertise, formulate stratergy and plan by just observing them and then making some simple calculations. Their way of behaviour for handling their day to day difficulties in business can help us alot but for this we should know the art of “learn from competitors”
Understanding the core for goodwill of the competitor
Any business in any field, if its successful has given a major reason to its customer’s and that reason only makes the customer to buy from a particular shop every now and then. These reasons can include
- Way of behaving with the customers
- Quality of the product
- The trust that they have generated in the customers mind
While you observe your competitors you’ll automatically be able to find one and as you so that you should do it too.
Now I don’t mean that exactly copy the competitors way, but you can always build your own unique way to attract more customers.
For ex. If a shop makes much more sales than you[ assuming both are in same field] and you found out that the reason is low price. In order to tackle the situation if you cant lower the price offer customners something for free with every purchase, and start behaving very politely. Belive me customers love to buy from the person who is well-behaved.
Also, in many times a situation will occur in which you’ll not be able to afford the benefits your competitor is giving to your customer but you still need to focus and you’ll be able to find a alternative to provide value to your customers may be in a different and a much better way.
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2. How they faced the challenges [ if you are a new in the field ]
Experience helps a lot, especially in business. But what if you are new to your field, then I am sure you must be facing a lot of difficulties like
- Advertising plan
- Marketing strategy
and what not.
For this you need to find out the history of that competitor and do a little research because they must have also faced the same issues in their days.
It also might happen that the tricks they used to tackle difficulties at their time won’t work in present but still there’s no harm in trying and as always, we can formulate their tricks and make them work. Business is all about providing certain way to fix a problem isn’t it??
3. Find the competitor’s weakness
Now is you are able to find this then believe me you have hit the jackpot!!
Just imagine if you are able to find a weakness and you cover it up by providing your product or service , then instead of learning from competitors you will automatically all the customers that were earlier buying from the shop of your competitors will turn to you for the purchase.
This way can also be seen as a reverse of the first one.
Running a business is so wide and never ending journey that there is definitely a possibility that you find a glitch in the operations of your competitors business that he even doesn’t know about it.
Take example of yourself only. You are reading this post because you were not able to find the glitch in your business that isn’t allowing your business to grow.
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It saves you time and money
As we all know, as an entrepreneur or a businessman our minds are filled with different ideas and different strategies’. But to apply these in real business world is a matter of big risk which can also lead to disasters failure due to reasons like
- Dynamic nature of outside environment
- Change of customer preferences
- Strikes, labour union
- Natural causes
What if I tell you that you could know that what would be the outcomes of the new strategies and ideas without you applying it ?
Yes , it’s true. Its possible if you learn from your competitors!
Just go through history and learn from competitors, this way you’ll surely be able to find the different ways that the different ways that your competitors applied during their struggle time. It has a very high chance that the ideas you have in your mind are the same strategies that competitors applied at their time as you both belong to the same field.
If this also not works then you can apply this strategy to find the outcome of your decision
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