Understanding your Competitors
Competition is everywhere. And while there are many ways to look at competition, perhaps the most well-known is by market share and revenue growth. But that's only part of the picture; there are other factors to consider too, such as customer loyalty, buyer personas, and how your product's success or failure is dictated by societal factors (e.g., climate change). Furthermore, it's important to understand the competition within your industry.
Understanding the competition in your industry is the key factor that will determine your success or failure. Knowing your competition can not only help you to survive, but also give you an edge over them to make a profit. However, in order to do this, you need information about how good or bad others are at what they do. Today, our guest will give us tips and strategies on how to use competition as a tool for creating value for your company.
Hello, everybody. My name is Stanley Xerzes Innocent. I am a workplace productivity trainer, speaker, and author. I am excited to be joining my friend and brother Benthaniel (Benjamin Nathaniel) today on his podcast, and in the next few minutes I would be discussing something I consider very important for everyone and anyone who is into business, whether you are in the formal sector or informal sector. By that, I mean whether you are in the cooperate worker or you run a business.
Now, we are going to be talking about understanding the competition in your industry (understanding the competition in your industry) and we will be saying things in the simplest of forms because I want you to learn and apply it in your everyday dealings. So, the other day I was speaking to someone and I asked him, who are your competitions or who are your competitors? And he looked at me and responded, "I have no competitors." Well, competitions, well I could understand where he was coming from because I know he must have listened to lots of speakers telling you that the only competitor you should have is yourself and I think it is a good teaching were they ask you not to compare yourself with any other person. You just compare yourself with your past or with your present and see how you can be better, but his response was not ideal for what we were talking about because we were talking about his business and how he could advance and make progress.
I want you to understand that no matter what industry you are in or what business you are running, there will always be competition. There will be people running and doing the same kind of business as you, offering the same kind of product or offering the same kind of services. The question is;
Do you want to stay ahead of your competitors?
Do you want to stay ahead of the competition that exists in your market?
Now, making advancement in your business, or making advancement in whatever company you are running, doesn’t just happen like that. It is beyond saying I have a beautiful office or I rented a shop down the street now. I have been praying to God to grant me success, grant me business increase no. You must understand how the business works, and one way of understanding this is by taking a good look at how your competitors operate.
So these are the things I want you to do. I’m beginning to round up now. I want you to ask yourself these questions and has you ask yourself these questions, it will be very good for you to write down the answers and it is important for you to write down your answers because answering these questions mentally wouldn’t really position you for action, but study has shown and proven that there is a deep connection between your mind and the things that you write down...
