This blog is the fourth of our Drive Revenues through Objective Practices in Sales (DROPS) series.
Having discussed the importance of goal setting, objective quantification and market analysis, the next factor we wish to highlight is crucial for your business but it’s dominance can kill your business.
That factor is Competition.
Existence of competition is essential and unavoidable. The good part is: competition, when taken in the right spirit, leads to growth. However, to outgrow your competitors you need to observe them keenly. Even a small action or strategy implemented correctly by your competitor can give them an edge over you. For example, a store with a better look & feel or updated IT infrastructure can position your competitor above you.
So, keep your eyes on your competition.
Here are some factors that you can check on:
1. Check their websites regularly.
2. Be aware of any offers or promotions announced in any media or social media platform.
3. Check online marketplaces featuring your competitors’ products with the listed price and availability.
4. If your competitor is a listed company, update yourself on their stock and shares performance. You could also get your hands on their Yearly reports for shareholders and read through performance indicators.
5. Find out about indirect competitors. People how do not provide the same product/service as yours but offer substitutes of your product/service. They may be having a very small impact today but may hamper your business in the future or as market trends change.
It is equally important to remember that your competitor’s activities or strategies may not be the best or fully accurate. Be updated on their action plan but don’t just replicate their acts. Come up with better ideas than theirs. This is what will give you an edge over them.
Simply put, competition is always about winning and to win you must outdo others!
