Business success is exciting and rewarding, but it can also be fleeting. It usually comes with a price, but when you start you just can’t seem to stop. You’re always on the lookout for that next big thing, for that opportunity to pounce and make your business as immune as possible from threats inside and out. Your business is your baby, and you will stop at nothing to give it the future it deserves.
One of your biggest concerns is watching out for that next big thing that just happens to be in the possession of a competitor. You have to know what everyone else is doing, lest you suffer the fate of the known brands that became too complacent and succumbed to the thirst of the younger and hungrier competition. Remember Blackberry? How about when Mercedes-Benz could still look down at BMW?
You are in business to succeed, of course, and many people are counting on you. You and your family, your employees, investors, stockholders, suppliers, and customers. So it is your duty to ensure success and the positive overflow effect in its wake. Here is some advice to make that happen.
Monitor the prices
Even if you claim to be the only one that offers your product, how can you be sure? And how long will it take for someone else to be “inspired” by your creation and start their own version? To be entirely honest, you may not be alone in your niche. So use competitor monitoring software, such as PriceManager, to find out how the others are pricing their goods. This is not just for adjusting your own price tags, but for knowing what’s going on out there so if adjusting your prices is impossible, you still have options, such as taking a different direction in advertising.
Monitor the brand
What is your competitor doing that makes the brand stand out? You have to figure it out, or at least figure out how to adjust what you’re doing to possibly turn the tables on your competition. Some brands are just so strong that others have to resort to heavy and expensive advertising and marketing campaigns to even make a dent. You’re no exception from such a possibility, especially if you’re the new kid on the block. What matters is you know what they’re doing so you can do it better or in a different way.
You can’t ignore the threats from the outside. Facing them takes time, energy, money, and creativity. But the point is, you have to. And you can’t go out there with half-baked plans. Monitoring what the others are doing or not doing, is all part of the strategy.