The techniques are almost the same; it’s the approach that really varies.
While you use real physical materials in the real world, in the cyber world your website is the center of the struggle.
You have to be able to overcome your competitor’s selling technique, not by knowing what he’s doing, but by doing what you can. In this connection, you will need experts to help you. Don’t ever think that your rival’s success is due to their own making. Believe me; they have experts working for them. It’s them against you. You need an equalizer to keep the momentum in your favor and this is where experts can help you most.
Importance Of Competition Analysis – The technique is to start within your website. Strengthen it.
Your web design and SEO measures will help a lot in giving your business some muscles. Again, you can’t win without outside help. No matter how unique your product is, how strong your marketing technique and how hard working you are there is limit to what you can do. You must be looking at your profit figures and in your mind business is good and you want to increase it some more.
So, you increased your stocks; what about it? How are you going to convince more customers to buy those additional stocks? Your business must be in plateau and your additional stocks will burden your operational cost and you’ll find yourself unable to sell them. And then you’ll begin to slide down.
Knowing your rival’s weakness is equivalent to knowing your strength. Looking at their operational details is also the same as looking at yours. You can’t analyze your competitors operation without analyzing yours. The wind blows both ways; why am I telling you this? Because, for sure, your competition is not sleeping either; it’s their experts against yours. And what if you don’t have any? Your business is going to fold up sooner than later.
Get into your competitor’s shoes. Think what opportunities are there to explore to your advantage. Think what your competitors might have to use against you. And you can do the same to them. Your products and their products are the same; it is the brand that differs. That’s where the great difference lies. That’s where the main analysis should focus on. Exploit your products strength to the hilt and hit on their weakness unceasingly. There are ways to do this without being confrontational.
So will you lower your prices or give temporary promotional discounts? Lowering your prices will give you a lot of difficulties when increasing them again later. If you give promotional discounts such as adding give away to your products, your pricing scheme will remain intact and you won’t have to explain why you’re reverting to your original price later when the promotion ends. Your competitor will have a more difficult time explaining theirs.
Improve your website’s interaction capacity. Offer free and faster deliveries if possible and longer warranties. Always keep in mind what you can do to offset your competitor’s capabilities. And this is where experts can assist your business to be the front runner always.
You don’t have to break your head on what your competitor’s ideas are. You don’t have to copy them either. There’s a chance that you’ll do it wrong. Give the headache to the experts and do what you do best. Run your business.