Any entrepreneur is a competitor tensional or intensionally. Admitting it and planning ahead of your competitors is good idea to growing your business.
However, your competitors are not your enemies, so you don't abuse or plot against them.
Your job is to create more market for your products. Make your customers satisfied with your offer rather than your competitors
The steps below will help you on how to make a good competitive analysis.
- Know your competitors
- Know the type of product your compatitors offer
- Know the sales/marketing strategy of your competitors and their results
- Know the quality of your competitor's products and how satisfied are their customers with those products
- Know how better or worse their products are compare to yours
- Know their advertising and prospecting strategy
- Consider their pricing
- Consider their social media presence
- Search the strength and the weakness of your competitors
- Consider their financing
Jothansama
Accounting, Entrepreneurship and business is what interested me more. if I am not in the class or with friends, then with my laptop learning!
