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How important is knowledge of your competitors?
In my experience, knowing what your competitors are doing is vital. You have to know what they are doing in order to convince potential customers to go with you over them because you have A, B, and C that they don't have. I heard from a colleague recently, however, that in his sales department, they don't place much importance on this. What are your thoughts/experiences? How much importance do you place on knowing your competitors?
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Knowing your target market is extremely important to the success of your business but knowing who your business competition is, is just as important. Researching your competitors gives you an advantage because you are given a chance to study and learn from your competitor’s success and failures.
Only by knowing your competition can you ever hope to develop an effective strategy for your business, be it a well established company or a brand new venture and you can only ever hope to know your competition through good solid competition research. Your ‘unique selling position’ is the reason that your customers will opt for you as opposed to your competitors and it is vital that you are aware of what it is. It is important for you to understand your market as well as your competition and by looking into both how your competition markets and what the customer response is to it you will be able to plant yourself firmly in any cracks in the market not being taken advantage of by your competitors.
Useful competition research will, almost, always include SWOT principles; SWOT which stands for strengths, weaknesses, opportunities, and threats is a simple way to remember the vital components of the analysis you should be doing before beginning your enterprise.
http://en.wikipedia.org/wiki/SWOT_analysis
Hope this helps!
IE
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