Popular in Course
verified elite notetaker
Popular in Business Administration
This 3 page Document was uploaded by an elite notetaker on Monday December 21, 2015. The Document belongs to a course at a university taught by a professor in Fall. Since its upload, it has received 7 views.
Reviews for What-to-expect-from-competitors
Report this Material
What is Karma?
Karma is the currency of StudySoup.
You can buy or earn more Karma at anytime and redeem it for class notes, study guides, flashcards, and more!
Date Created: 12/21/15
SyafiqAswad.com (April 2012) Knowing What To Emulate From Your Competitors Either you've been in your industry or niche for some time now, or you're someone new that has no direction and you have been wondering what actually works and what don't? You see that other people in your industry or niche seem to know what they are doing most of the time while you find yourself stuck at the crossroads not even sure which roads lead to where. So what is the best thing that you can do? Emulate. Every niche or industry has competition. But a competition does not necessarily spell bad news for business owners like you. It all depends on how you look at it. When I said emulate what I meant was to emulate your competition's positive traits and strategies which are working for them. Positive traits are also important to emulate because without these traits it's what business owners need to possess to be more successful in growing their business. Positive traits such as the willingness to learn and work, never to give up easily, caring for their customers, so on and so forth. So do not make the mistake of simply emulating the entire aspect of your competitor. You do not want to "STEAL" his/her ideas. What you want is to identify what he/she is doing right, and take it as an inspiration, to find ways to make it work for you, or even better yet to find ways to make it even better than what he or she is doing therefore taking the lead in the industry or niche. By being better in what your competitor is doing, you are definitely setting yourself apart from the rest and people will recognize you for that. Customers Customers prove to be one of the best sources of information regarding feedback about your product or service compared to that of your competitors. Chances are before they settled on you for providing them with the service or product that they wanted, they have scouted other sources which includes your competition. 1 © http://www.syafiqaswad.com SyafiqAswad.com (April 2012) Each and every feedback that you receive regarding your business or that of your competitors are of their own unique perspective therefore it is very valuable. They can tell you what they like or dislike about your competitors and what you learn can be used to improve your site. Improvement can be either to avoid the same mistakes that your competitors are doing or to follow some strategies and methods that seem to be doing very well. Don't Decide Too Quick Do not simply choose to emulate or follow the same strategy that a couple of companies are using even though it proves to be successful at first. Even big businesses, companies and corporations can make mistakes. Many businesses take risks and risks usually have a 50/50 chance of going either way, either it works or it fails. And in many cases, failures can be costly. On the hand, if you have many online businesses adopting the same strategy or idea for quite some time, then it's a signal that it must be working and it won't be as risky for you to follow. It's all a matter of finding the right balance. Wait too long to adopt a new strategy or method and you may lose out on a great opportunity to really earn lots of profits before everyone else jumps on the same bandwagon. So you have to weigh the pros and cons and perform adequate research to either follow new strategies or methods that your competitors are employing, or wait it out a little and see how it all pans out. Home Ground Sometimes we tend to overlook what's right in front of us. What I'm talking about here are the fruits of your own labor. The beauty of internet marketing and online businesses is that you have tons of tools and software out there that can track and provide data as well as information regarding your business. Meaning, you can measure the amount of success (or otherwise) that your very own efforts are bringing you. Through the data provided from these tools, you can determine what you are doing is working and what is not and then tweak accordingly. Based on the gathered data, you can test and tweak aspects of your business accordingly until it reaches the rate of success that you are proud of. Remember it's alright to draw ideas and inspirations from anyone or anything, but do not blatantly exactly copy things such as content or design from other websites on the world wide web and then calling it your own. And do not be satisfied with what you emulate, take it to the next level and take what you know, improve on it and make it even better and valuable for your customers and future potential prospects. 2 © http://www.syafiqaswad.com SyafiqAswad.com (April 2012) That is how you can take your business ahead of the competition, and do not be surprised when people will start emulating your business instead. http://www.syafiqaswad.com 3 © http://www.syafiqaswad.com
Are you sure you want to buy this material for
You're already Subscribed!
Looks like you've already subscribed to StudySoup, you won't need to purchase another subscription to get this material. To access this material simply click 'View Full Document'