How to Know Your Competitors Strategies

[Holicent]

As a business owner who wants to know the competitors’ strategies, it requires a lot of research and observation. You should start by discovering your key competitors and their position in the market. You should also take your time on studying their products, pricing, distribution channels and marketing ideas very well. Consider their strengths, weaknesses, opportunities and threats (SWOT analysis) to identify areas of competitive advantage or weakness. Monitor their online presence, social media, websites and customer reviews should not be excluded, to monitor customer engagement and sentiment. Look at their performance metrics such as sales growth and market share over the period. When you combine this information, you can gain valuable insights into industry trends, vendor tactics, and strategies to refine your strategy and stay ahead of the market

 

[Etini]

There are two ways you can get to know the strategy of your competitors. One of such ways is getting the information from the people that patronize your competitor. And you can get that information through online reviews. Another way to understand the strategy of your competitors is to step in yourself and patronize the products or services of your competitors. That allows you firsthand experience with their business methods and strategies. It also helps you to detect potential flaws you can exploit to your competitive advantage.