Competition provides an incentive for self-improvement. When you see what your competitors are doing and how they are doing it, you can assess how your business is meeting the needs of customers, whether it is respectable and is comparable in strength to their activities.
Instructions
Step 1
Never lose sight of your competitors. You should always know what they are doing, what products they produce, in which exhibitions they participate, etc. Use any opportunity that allows you to learn new information about your opponents. Be sure to monitor the media for the publication of articles related to the activities of competing companies.
Step 2
Analyze information about your opponents from various sources. Even if the monitoring service is ideally established, it will lose all its significance if the information received is not properly analyzed. Find the strengths and weaknesses of your competitors. Think about how this can help you in the further planning of your business development.
Step 3
Keep up with the competition. If you notice that they have released a product that is not in your lineup, try to catch up. Many companies simply produce an analog, but this is not always a rational and professional decision. Offer your customers something new, something that your competitors have not thought of.
Step 4
Do not offend competitors in any way when communicating with third parties, especially with potential customers and the media. This will only indicate your incompetence.
Step 5
When communicating personally with representatives of competitive firms, observe all rules of business etiquette. Don't try to figure out who is better. It will not lead to anything good.
Step 6
Agree with competitors on the "rules of the game." Of course, business is an absolutely unpredictable thing, but you can define a framework that neither you nor your rivals should go beyond in the course of their activities.
