Business Competitors – You Know Who Your Competitors Are?
Business is all about competition. There is no business without a competitor. Whether you know them or not, they exist. All businesses face competition. It’s normal. But do you know who your business competitors are? Have you ever endeavoured to find out about them?
In our traditional business, we made a survey when we were writing our business plan. It helped us to know our business competitors, mainly in Uganda. These are businesses with which we are in the same industry, offering similar products and services. They offer engraving and media printing services, which we also do. Secondly, they design graphics and websites, which we too do in our company.
To find out more about them, we went to their businesses. We visited their websites, purchased items from them and got their contacts as well. Secondly, we befriended their workers to know more about them. We did all that because we wanted to discover the following:
- The products and services our business competitors offer
- The customers they target
- The prices they charge
- What kind of people are
- The type of technology they use
- The sort of businesses they run
- The size of their businesses
- Their marketing techniques
- How they deliver the products and services
- The kind of people they employ
- How long they have been in business
- What is unique about them
How Did the Information about our Business Competitors Help Us?
The above information helped us a lot to know more about them to position ourselves better. For instance, we discovered the type of technology they use to produce their products and services. We found the kind of products and services they focused on most. Why they concentrated on such products and service. We also discovered the methods they use to get customers.
The above discovery made us venture into laser engraving with the technology that produces high-quality products and services at a very high speed. It also made us think about concentrating more on producing unique products.
Why is it, therefore, essential to know your business competitors?
As already mentioned, competition is everywhere in business. Having business competitors should be looked at positively. Never feel bad about your business competitors! Knowledge about the business competition you face helps you to do better in your business. You learn from your competitors. It helps you to come up with marketing strategies that take advantage of their weaknesses, thus improving your business performance.
Recently, we tried to find out who my business competitors are in the area of online visibility. We checked the search engine visibility of our website vis-à-vis that of our competitors. Most of them are more visible in Google but invisible in other search engines.
In Google, their visibility is because of their listing in most Ugandan online directories. But the majority do not have a business website. It’s beneficial information, which we can rely on to position ourselves better in business. It helps us to understand their winning marketing strategies.
A detailed analysis of your business competitors, therefore, helps you to:
First, know what you do better than them so that you can strengthen.
Secondly, identify what they do better than you so that you learn from them.
Thirdly, what they do like you so that it helps you to become more creative.
How can you learn about your business competitors?
I have mentioned some of the ways above. But let’s summarise it to make the point more understandable. You can learn about your business competitors in any business you do by doing the following:
- Read about them. You may consider reading their business literature, reports, if available.
- Visit their businesses and befriend their workers where possible. They will give you detailed information.
- Go to trade fairs or exhibitions and see what your business competitors exhibit, their promotional activities and the kind of visitors they get.
- Visit websites of your business competitors. You can find a lot of information there.
- Interact with some of the customers of your business competitors. You will get to know why they are attracted to them.
Competition is everywhere. It’s normal. There is no single business that does not have business competitors. Sometimes one may not bother to know them. There are also people who feel wrong about them when they see them doing more business than them. Ideally, that’s not good. What’s healthy is to know them and try to learn from them to make changes for improved business performance. They will help you to work on your business, and finally, you will be better off.
Do you know who your business competitors are? How did you find out about them?
Hello! My name is Charles Kiyimba, a creative engraver, a professional teacher, a passionate blogger, a confident graphic/web designer and the founder of Goleza Designers Ltd, an engraving business that turns images into real products. Through my hands-on experience, I share with you free helpful information on our products and services, business, marketing and personal development. Always dive in for more!