If you don’t understudy your market and competition, then your venture has already failed before you even breathe life into it.
When strategizing or laying the groundwork for your new/existing business, it is easy to think you know all there is to know already. After all, you’ve been nurturing this idea and working on it for a while.
However, so much experience or money will not be enough to remain relevant as a business. The most successful people in business don’t know and understand just their product, but also the market in which they are playing.
If you don’t understudy your market and competition, then your venture has already failed before you even breathe life into it. Here are three reasons why you should totally study your competitors:
You’ll be ready: If you don’t spy (legally, of course) on your competition, you won’t know what you are up against which means you can’t completely prepare. You might be able to manipulate everything you control, but you are not truly market-ready if you do not know what your competition is up to.
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To not study the competition is to be wasteful: Finding outlets that are willing to work with you and distribute your product/service is one of the most tasking, time-consuming and completely necessary parts of building a business. That’s why it makes sense to study what the competition is doing so you can improve on that, especially in the area of market research and reach.
It’s easy as ABC: By simply looking at your competitors’ websites, social media posts and existing ad campaigns you’ll be able to see what they doing, what works for them, what doesn’t and what you can improve on or do better than them. There are also quite a few digital, automated tools that you can use if you don’t want to do the job yourself.
Like an apprentice learns from a teacher, you can study your competition so that you will be able to avoid the pitfalls they’ve dealt with and other stuff that has probably cost them money and market share. Happy hunting!