The business world is constantly evolving and more and more players are joining the race every day, imitating you, overshadowing you. One business’s mistake is another one’s advantage – the slightest slip up can easily land a business buried within the abyss.
The business world sees its players snapping up opportunities at a rapid rate. Everybody is waiting for their next big break. In the meantime, while opportunities present themselves constantly, it is easy to bypass them, not really recognizing the opportunity. This is where you come in. How do you grab that opportunity before your competition does?
Stalk your competitors
Yes really. Obsess over them. Stalk their every move, try to predict what they are going to do next. Instead of reacting to what the competitors are doing which is draining you in the process, make the first move. Spend less time firefighting and more time analysing your competitors and planning your moves. To make a more thorough job of it, assign a few people or a small team for the task so that you won’t miss anything.
Don’t be predictable
While stalking your competitors, don’t forget that they are stalking you too. They are taking records of your habits, contemplating where they can take advantage. So while forming habits and sticking to them is comfortable, you will end up becoming an easy target.
So be unpredictable. Concealing your moves can be a great strategy when in a highly competitive environment. A great example is how Google does not readily announce how it is changing its algorithm. They keep SEO companies and competitors guessing.
Take advantage of the habits of the competitors
Just as the competitors are watching your habits, you must monitor their habits equally as closely. Look for vulnerable points and look for habits which can be taken advantage of. Remind yourself that it is a battlefield out there and everyone is out for everybody else’s blood. As soon as you spot the weakness, move in for the kill. You will earn the profits that your competitor has missed out on and probably be able to make a recurring profit out of that opportunity too.
Keep out the noise
While it is important to monitor the moves of the competitors, you can’t worry about it on a daily basis. Something happens every day with your competitors – a product launch, enhancements, etc and they will shout it out from the four corners of the earth. But you don’t want the headlines and the noise, you want what they are not willing to publish. While keeping the competitors on the back of your mind, the best way to counteract is to invest the better part of your focus on building a product that will be loved and embraced by your target audience.
Network with your competitors
Ever heard of keep your friends close but your enemies closer? This works very well in a business environment as well.
Competitors often run into one another at conferences and other industry events so networking is made extra possible by this. Competitors of the same field are very much knowledgeable about their respective fields and by developing a relationship with them and by talking to them, you may be able to get their perspective on things and maybe even grab an idea or two from them without revealing too much.
This is also a good way of getting to know what your competitor is up to and how close have they come to grabbing the next opportunity. If they haven’t quite reached it yet, guess who can beat them to it!
Make and break. Rinse and repeat
If you are to keep your competitors on their toes, you need to constantly disrupt your own revenue models, products and structures and rebuild them anew. Drastic and lucrative innovation demands that you constantly change the way you do things. Also, by constantly changing your methods, it is easy to completely throw your competitors off guard and take them by surprise with the next big thing up your sleeve.(image courtesy: businessreviewusa, smallbusinessvotes, avocarrot, affiliate-101.)