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The best business lessons are learned from the competitors (Learn from your competitors mistakes)
22th February, 2011
In the world of neck to neck competition where each business move has lethal results, there is always a frantic hunt to make yourself visible and do things right. It is more so for new business ventures especially if they deal in the online industry.
There are two main reasons for this. First and the foremost, in online industry, the world of competition increases many fold. If you were to compare statistics here, it would be like comparing your local clothing store to an online one. While the small business owner of the local store will have to bother only about the competition from neighboring counterparts and popular brands, in the world of the internet, the contest is between businesses across the globe. Another important reason is that any online business, unless it has a carved niche, thrives on attaining the #1 position in the search ranking.
With this case study in mind, the focus now turns on the different ways to curb rivals and reach that much craved top ranking. A smart tried and tested business strategy in this case, would be to learn from your business rivals, instead of wasting energy on devising ways to trample them.
• Keep a diligent eye on your competition. However, do not do it with the intention to imitate them. Rather concentrate on analyzing their business moves and the understanding reason behind their actions. This will help you think "two steps ahead" for you can then focus efforts to run ahead of their thoughts.
• The brand image of your competitors is another important factor. Online world essentially thrives on establishing brand identity. Knowing the image that your competition presents to its audience, speak volumes about their business strategies.
The best way to deal with your competition is to treat them as business mentors than business rivals. With this in your mind, you are sure to beat competition and spell success for your new business venture.