Many business owners are aware that it’s not just the company that offers the products or services. Ironically, staying above the competition can be possible if you’re willing to study your competitors a little more closely. Here’s how you can use your findings to your advantage.
Create “Unlikely” Alliances
On September 15, 1976, former rivals ABA and the NBA merged and mutually benefited from each other. The NBA used the ABA’s famed 3-point line and absorbed four of its teams, which created an expansion. In the same way, you and your competitors could make a partnership to further your business endeavors. You could partner with a reputable custom clearance broker so they could handle your import or export documents. You could also find a supposed “rival” company from overseas that’s open to a merging. You can send your products to be processed by your custom clearance broker. You can increase your profits and expand your company’s reach in this way.
“Strong like Mountain, Flexible like Water”
One way or another, you will always aim to win, so you know you need to market yourself well to your clients. You need to keep an eye on your competitors’ movements so they could provide vital information about their operations. Use this information as an advantage since you can learn from your rival’s strengths and weaknesses and then make adjustments accordingly in your own company.
Learn From Example
In reality, both positive and negative aspects are essential in the success of any business. A competitor could serve as a cautionary tale. Learning from a historical standpoint tells you what and what not to do regarding business decisions. But just because a business strategy isn’t effective for a company doesn’t necessarily mean it won’t be of use to you in the future. Take note of everything and make the proper execution when necessary.
Corporate rivalries have been around ever since companies have been established. What continually changes though, is the market and its trends. Be willing to take these steps to attain the kind of success you’re trying to achieve.