Many business owners are usually upset about competition, and the ability of similar industries to attract consumers to their products and leave what they offer; Consequently, they failed to earn any revenue that would help their business survive. So the competition is very frightening, everyone strives to succeed and attract consumers.
From a different point of view, competition is a healthy phenomenon for any productive society, as it forces everyone to innovate if they want to continue and move away from failure or bankruptcy. So, what ways will help you to innovate and avoid loss?
Find out the weaknesses of your competitors
In the beginning, you have to prepare a series of smart and precise questions; In order to get a correct answer from consumers who use your competitors’ products, identify in particular the shortcomings that they may face in those services or products. The purpose of this activity is to know the potential solutions that your products may provide to consumers. All you have to do in the beginning is to assure them that what you offer will meet their needs or what they are unable to find in the services available in the market now.
Your competitors are not your enemies
One of the most valuable advice that you should follow is that you should stop viewing your competitors as your enemies. Because this is not true at all, but it is possible to build a strong relationship between your competitors based on mutual interests and benefits. If you succeed in breaking this barrier between you and your competitors, you will gain a lot of experience from a field point of view, which you may not be able to reach even if you seek the help of the most senior specialists in the commercial market.
To read more about other strategies : How to deal with the employees as a manager?