Do you have a competitive strategy in place to ensure you are winning more business than your competitors? Have you done your homework to learn exactly what your competitors are doing in the marketplace? Are you making changes to adapt to the things your competitors are doing? Anticipating your competition is a critical success factor in growing your small business.
Anticipating your competition requires that you continually have “competitive intelligence” about what your competitors are doing. Competitive intelligence allows you to make informed decisions on what you can do to give your small business a competitive advantage. Having information about your competitor’s pricing, special offers they are providing, new products or services they are offering and promotions they are doing will allow you to quickly make changes, if needed.
We live in a world where “knowledge is power,” and understanding and anticipating your competition will give you more power to be successful. Checking your competition’s on-line presence, what they are posting to social media sites, events they are having and the type of advertising they are using will help you better prepare, plan and execute your strategies.
In the super competitive small business marketplace, up-to-date information about your competitors can make the difference between winning or losing in the marketplace. You don’t have to know everything, but keeping your eyes and ears open and anticipating your competition will help your small business be more successful.