Jasz
VIP Contributor
Competition is a fact of life. It's how you react to it that matters. There are two ways to approach competition: You can either ignore it and hope it goes away or you can learn from it.
You might think the latter sounds like a waste of time. After all, if your competitors are doing something that's working well for them, why would you want to copy them?
But in reality, competition shows us what people want, what they're willing to pay for and how we should position our products and services in the marketplace.
Here are five reasons why learning from your competitors is essential:
1. It helps you understand what customers want and need
When you look at what your competitors are doing, you'll see real-world evidence of what people want — which is valuable insight into what your customers want as well. You can then use this information to inform your own marketing campaigns and develop new features for your products or services.
2. It shows you where there's room for improvement
If your competitors are offering something that customers love but your company isn't, then there's an opening for improvement in the market — especially if their product has been out for some time now and hasn't seen any significant changes yet.
You might think the latter sounds like a waste of time. After all, if your competitors are doing something that's working well for them, why would you want to copy them?
But in reality, competition shows us what people want, what they're willing to pay for and how we should position our products and services in the marketplace.
Here are five reasons why learning from your competitors is essential:
1. It helps you understand what customers want and need
When you look at what your competitors are doing, you'll see real-world evidence of what people want — which is valuable insight into what your customers want as well. You can then use this information to inform your own marketing campaigns and develop new features for your products or services.
2. It shows you where there's room for improvement
If your competitors are offering something that customers love but your company isn't, then there's an opening for improvement in the market — especially if their product has been out for some time now and hasn't seen any significant changes yet.