Things You Need To Know About Your Competition
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Things You Need To Know About Your Competition

If you have finally decided to venture into the world of business, you have to also be prepared that competition is everywhere. Here are things you need to know about your competition that can guide you every step of the way.

If you want to engage in a business, you have to prepare yourself that it’s not just you who will be involved in the same line of business. There could be someone else who is also interested in that same line of business of your choice. Thus, it is important to study your competition; you have to make sure you are able to overtake whatever services that they offering their customers.

Here are the things you need to know about your competition:

1. Services

Although you both have the same product or service offered, look at the perks they offer their customers. For instance, if both of you are in the salon business, do they offer discounts? Do they offer freebies, such as free massage? If they have their own perk, you have to think of your own gimmick, too. Make sure that it is interesting enough so you can entice people.

2. Facilities

What kind of equipment are they using? Do you also have that stat-of-the-art equipment that can guarantee customers high quality of service? If your competition is just using ordinary equipment, then you can probably focus on highlighting the state-of-the-art equipment you are using when inviting customers to try the services you offer.

3. Customer Service

Does your competition have procedures in place that will ensure loyalty to their clients? How are they facilitating it? Are they sending out thank you letters or surveys? Now, think of ways that can make your customers feel they are valued.

4. Payment Methods

What are the payment methods used by your competition? If you offer more payment options then you will most likely dominate in this area.

5. Employee Benefits

It is important that in any business, employers need to take care of their employees, providing them the required benefits- including those add-on benefits. Remember employees don’t just consider the basic pay to influence their commitment with their employer. Now, is your competition offering way better employee benefits than yours? You better act on your toes fast if you have this kind of situation, otherwise, you might wake up some day with employees bidding farewell to you.

6. Know your Competition Personally

After you’ve researched all the details about your competitor, it’s about time that you get to know them personally. Maintain a healthy relationship with your competition because most of the time this will benefit you both.

For instance, you would like to increase your prices because gasoline and other basic commodities are already increasing. Now you are already feeling the effects of price increase in your surroundings, affecting your revenues. Most often than not, your competitor is also experiencing the same challenge. If you are not in good terms with your competition, the moment you initiate a price increase, you will just be driving away customers. Meanwhile, if you both have agreed on a certain level of price increase then the market will just simply abide by the said price increase.

Ultimately, flexibility is the key. Always consider the fact that your competition is doing exactly the same thing as what you are doing. They, too, are studying their competition. They are also continuously thinking of ways to overtake whatever gimmick you are conducting. Therefore, you have to be creatively flexible to cope with the challenges that your competition is throwing at you.

 

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