Most times people tend to start a business without knowing who their likely competitors will be. Your business competitors are part of your business story. You need to know who they are, the location of their business, everything concerning their products, and what they are doing to get customers for themselves.
Getting to know every information concerning your business competitors will guide you in making your own informed decision when starting your business.
Even if your competitors have inferior products, it does not matter, you still need to know them. A competitor having an inferior product does not mean that your superior products will beat them in the market. You need to study them and know what they’re doing. Learning about your competitors is vital to the success of your own business.
Two types of business competitors you should learn from.
1.Existing business competitors.
These kinds of competitors already exist in the market. They have their products that they sell and their customer base. All you need to do is to find them and learn from them. You need to describe all you can about them, their size, strength, weakness, and their means of operation. While getting this information you need to put them in a context of what you will do to defeat them at the end of the day. Your main goal is to know as much as you can from your competitors and use it to launch your own business to stand out without much difficulty.
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2.New entrants competitors.
These are competitors that will exist after you have started your business. As the name implies, they joined the business even while you were doing your own business. Most times, people neglect them because they just entered the market. However, they can be very dangerous when you neglect them. For example, a new entrant with a huge customer base and big advertising money may take over an existing company or product and expand the business in such a short period. In that case, it will be easy for them to make serious inroads into the market. New entrant competitors should not be neglected at all in your research for competitors in your business. You need to factor them into your plan.