To succeed, knowing your strengths and weaknesses is not enough. You should also know your competition well. It’s an effective way to assess where you are at in terms of your competitors. Watch the video and be ready to GROW!
Sun-tzu, in his book, The Art of War, mentioned that there are three requirements to win the war and one of them is “knowing your enemy.”
And this advice is not confined to the concept of war alone but in business and other aspects of life.
Here are some reasons why you need to know your competitors in the industry.
It provides insight on your strengths and weaknesses
Knowing the strengths and weaknesses of your competitors gives you an idea of your own strengths and weaknesses.
If you have that kind of insight, you can create a well-rounded strategy that leverages your strength.
You will also know where to hit your competitors hard and win the game.
It gives room for growth and innovation
You have a great product or service. So do your competitors.
The problem is — everybody thinks that they have the best product / service to offer.
And because of that, they fail to look at the competition until it’s too late.
Looking at what your competition offers allows you to assess what you have.
Then you can make adjustments to make your product / service to make it even better.
It provides valuable feedback
Feedback is the breakfast of champions.
And where else can you find valuable feedback than from what people are saying about you and your competitors.
You’d have a more well-rounded insight on what makes them attractive in the market.
Then you can use that knowledge to re-strategise and improve your brand message.