It’s easy to think of competitor research as an organizational activity. You sit down and make lists of your competitors, but this is where it gets difficult. There are many competitors in any business, and your focus may be diverted if you’re concentrating on your competitors’ strengths.
Your focus should be on taking the list and putting it into action. That means that you should think about what your competition does and the different ways that they make their money. Then you can take that information and make changes that will make a difference.
One of the most critical ways to change things is to focus on what your company does right. This is easier said than done, since the company doesn’t always tell you what it does right. But by taking the time to really look at what it does right, you’ll find out exactly what the company has going for it.
By starting with what your company does right, you’re also working on the “what it doesn’t do right” in the competitor research. Every company does things differently. Because of this, there’s a big difference between what some companies do and what others do.
In the competitive field that exists in many industries, there is more of a need for companies to focus on the ways that they are different from the competition. This often makes the companies look very similar. And what does a company that looks similar to itself do? Change.
Changing the way a company does things allows them to compete, differentiate, and win. The change is the key here. But to make the change, you first have to look at your business.
For the sake of this article, we’re going to make a simple plan and then put the plan into action. We’re not going to make a new plan or anything like that. The plan is going to work for us.
So what is the plan? This plan requires you to find out what your competitors are doing. If you want to know what your competitors are doing, you have to figure out what they are doing.
The best way to do this is to write a strategy plan. There are many other options that you can use in writing your strategy plan, but the strategy plan is the best, because it focuses on the specific actions that you’ll need to take to get your business up to speed and to compete with the competition.
One of the basic things that you need to know is who you’re dealing with. Your competitors are also competitors, so you’ll need to focus on the critical differences that make them different from one another. By finding the critical differences, you’ll find out exactly what your competitors do and how they do it.
The next step is to understand your competitors’ strategies. Find out what they do that makes them different from each other. Because these differences are critical, they also need to be focused on. When you’re talking about competitor research, it’s important to make sure that you’re focusing on the differences instead of the similarities.
Knowing who you’re dealing with and what they’re doing will help you change what you do to make your business competitive. Focus on what makes your competitors different and then find out what those things are. By implementing this strategy, you’ll have an edge on your competition.