Building up a business in current days has been a very difficult encounter for many entrepreneurs, especially those whose competitors in business are unrelenting.
Most times, you find out that even with hardwork and persistence you still don't make through the market, or your business is not growing, its just stocked in a particular stage. sometimes, this is caused by the competitors in the same niche with you.They work with strategies or ideas which you are unaware of, and even work double of your efforts, and when you are unable to outrank these competitors, you are left out in the same position without any improvement.
According to my research, the main reason why many businesses are not making through is as a result of not having a knowledge of your competitors, who they are and what they do. Starting up a business where the competitors in your niche work with new strategies or ideas which you have no idea about is dreadful, especially to the beginners
To be sincere, many businesses are making profits even at their lower level, but as a fighting entrepreneur, your sole aim is to reach the peak and make more profits.When you have tougher competitors in business, your business might remain stagnant or even tend to decrease in your progress. You will not be popular as an organisation and many customers might not even be aware of your company's existence in the market system because your competitors has gained all the popularity,customers and power in your business niche
To make this clear for a better understanding, assume yourself to be customer to a company who serves you in the best way and you are satisfied with their services, you will never want to leave them for a company with lower or unsatisfactory services. This is what happens when your competitors are better than you in the market system, they win the whole customers.
I once read prosper noah's eBook on how he pulled 4,175 page views to his blog in a day. With what I understood, it is all about knowing those in your niche (competitors), building a relationship with them. Apart from these, you should also try to outrank them by also bringing new strategies and ideas which they are yet to discover or implement, in order to win the heart of the market.
Running a business organisation is not all about the day-to-day activities, you must create time to know those in your niche, especially the one's who are above you.
After knowing your competitors, what are the measures to take to outrank these competitors in business?
You have to compare your business with theirs and ascertain the differences and similarities between you and them, you will also need to discover the particular thing that makes them better than you. When you have discovered their strategies, two important things are to be done as an entrepreneur to stand a great chance to compete or rank above them.
The two important things are ; Also try to implement their techniques into your business, but then, you have to rebrand it to make it look unique by adding more of your little ideas.
Secondly, uniqueness is the key. Try to think of something entirely unique ( different from theirs). As a business personnel, you must be creative and be able to utilize this creativity. There are thousounds of new ideas undiscovered to your competitors, all you need to do is sit down, think of how best to serve customers and new strategies that could win their heart.
Try implement this methods not forgetting to input more efforts and be persistent in it. Competitors in business are the most difficult encounter to deal with when running a business. Even when you have enough capital and working employees, if your competitors have double of that, then you have no chance of outranking them. Remember the market wasn't made for you alone, its all about competition.