Competition is a powerful business engine. It forces entrepreneurs to develop and improve their projects in order to achieve a dominant position in the market. That is why novice businessmen strive to master the rules of interaction with competitors as soon as possible.
Instructions
Step 1
Any entrepreneur must develop the right strategy for dealing with competitors. It includes the following stages: monitoring, analysis and decision. Before monitoring, divide your competitors into three main groups: direct, indirect, and potential. To identify direct competitors, analyze the market and write down those of its players with whom you have a common target audience.
Step 2
The next step is monitoring. With its help, you will determine which players are the most authoritative in the market at the moment. Pay attention to how your competitors advertise their product (via TV, media and social media). Be sure to check the cost and product range of your competitors.
Step 3
Next, compare your own projects with those of your competitors. The results obtained can be presented in the form of a table. With the help of this analysis, you will determine your strengths and weaknesses, as well as understand what position your company occupies in the market.
Step 4
Once the analysis is done, identify your competitive advantages and continually reinforce them. If you are lagging behind your competitors in the market in some way, do your best to "tighten" the weaknesses of your project, or find another niche to strengthen your business.
Step 5
Never fall behind the competition. If your competitor has released a series of new products that are currently missing from your lineup, try to fill the gap as quickly as possible.
Step 6
You will be able to achieve maximum results only if you offer your customers not just an analogue of a competitor's products, but something completely new, which your rivals have not yet thought of.
Step 7
Do not in any way insult your competitors when communicating with potential clients or media representatives. This will speak of your incompetence, as well as create a negative image of your company. Do not forget about the rules of business etiquette in the event that you have to personally communicate with representatives of a competing company.
Step 8
Agree with competitors about the rules of the game in the market. Remember that business is a very serious thing, so it is better for you and your rivals to define in advance the line that you will not cross, trying to surpass each other.
Step 9
Always keep your competitors in sight. Try to monitor the market at least once a month.
