What are your competitors doing

The data you have gathered will help you analyse each critical part of your business and, accordingly, conceptualise your next steps taking into consideration the information you’ve learned about the activities of your competitors, including their physical presence in strategic locations, their advertising campaigns, newest launches or re-launches and even their soon-to-be releases.

Hence, your market analyses (and who does them) are very important in the creation of your counter-attack plan, so to speak, which will be instrumental to capturing your share (and a larger share at that) of the market that you have in common with your competitors.

Down on All Fours
When doing your research, it is important to remember that your job is not only to find out EVERYTHING there is to know about what your competitors are doing but also to protect your company or brand in the process.

The last thing you need is to be accused of spying, although in the competitive business industry, market analysis is an accepted part of any company’s research and development sector; it is acceptable as long as it is accomplished without doing anything illegal. Nevertheless, your research should be as thorough as possible.

You may be required to go down “on all fours”, figuratively speaking, just to get relevant information on your competitors’ movements and activities. Not to make it sound like a dirty business, the point here is that your chosen researcher/analyst should be able to gather relevant information by exhausting every legal means possible.
Otherwise, your efforts will be in vain.

What They’re Doing
Based on what you’ve learned, you can make a few sound assumptions on what works and what needs improvements. From here, you can conceptualise strategies that will have better results than your competitors’ and you can learn from their mistakes.

Be careful not to copy whatever successful formula they have already concocted, though, since you could also be sued for infringement. You may however, base your campaign on what they’ve done. Repetition and copying is not only devious but also pointless. What would be the point of offering exactly the same services that your competitors are already providing the market?

Your services should be distinct enough to make a difference and to generate interest. Instead of copying your competitors systems, products or services, what you should do is veer away from strategies that have failed; you’ll learn what these strategies are through a thorough competitive research.

You can also find a way to improve your services, products or systems so that they exceed that of your competitors. In any business, knowing what your competition is doing is an integral part of success. This will help you avoid any accusations of being a mere copycat, help you develop your products or services in a way that your niche market will be happier about and basically become the natural choice among everyone in the same field.



What are your competitors doing - To learn more about this author, visit Mark Gwilliam's Website.

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