As a research firm which focuses on market research, polls, surveys, among others, we hope to bring insights to you through today’s article on the critical importance of knowing you’re your competition is doing. The business world is a jungle where only the fittest and most agile stay afloat and realise unparalleled growth. In most industries, there are so many players competing for the same customers and hence the need for a business to distinguish itself from the rest. One of the ways of ensuring that a business remains relevant is to find out what its competition is doing or planning. Such information can help the business to introduce new products, change the way things are done or to come up with new ways of doing things.
If a competitor is doing well or even better than you, there is nothing wrong in finding out how they are doing it and learn from that. The idea is not to copy and paste other people’s strategies into your business. The logic behind this is to learn from others. A business that is aware of its competition, is always finding ways to re-invent, re-package or re-position its products and services in the market. Psychologically customers want to move with providers of services who appear to be advanced and who react to developments in the economy and technology.
One must avoid trailing behind or risk becoming irrelevant just as the likes of Nokia and Blackberry. We all remember how these brands once dominated the cellphone industry and are now not even mentioned when talking about smart phones. The reason why these 2 entities fell behind their competition was because they did not adjust to the needs of the market and consequently became obsolete.
A market researcher is better placed to conduct such research on a deep level and provide you with insights that enable you to position yourself with a competitive advantage in your market.
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