Know the competition
Posted 4 July 2008 at 8:14AM by Ian Betteridge in Doing business online
"Don't worry about the competition - worry about your own business" has become something of a piece of folk-wisdom. The idea is that if you focus too much on your competitors, you'll neglect your own business - and that copying your competitors reduces the differentiators which make your company unique.
However, there's a lot to be said for a bit of competitive analysis. Understanding where the competition is strong or weak allows you to work out ways of making the most of your own strengths.
For example, look at your competitor's pricing structure. Would they be vulnerable to lower prices in certain areas? Or are their prices so low that they may be producing lower-quality products?
So don't worry about the competition - but study them well enough to know their weaknesses, and whether you can exploit any of them.
Tags: bt, bt broadbandoffice
New feature: Rate this post!
Average rating: 2.4/5
Comments
2. At July 4, 2008 1:12 PM, James Lyon wrote:
"Competitors - Study them well enough to know their weaknesses, and whether you can exploit any of them."
Totally agree with this statement but remember they may be doing the same to you. Review needs to be undertaken constantly so as to keep on top.
3. At July 4, 2008 1:18 PM, 'Razor' Ramone wrote:
I think it's more along the lines of the old adage "To know your enemy, you must first know yourself."
You have to understand your own business capabilities first, then you can use them to their best advantage against your competitors.
Post a comment
As 14 days have passed, comments are now closed for this entry.
1. At July 4, 2008 8:52 AM, Zen wrote: