If you are determined to beat your competitors, you must understand them. Understanding competitors will help you strategize on how to beat them. I will highlight the things you need to know about competitors to beat them in their game.
The most important factor you should identify about your competitors is the products and services they offer. You need to know what makes their products and services unique. The brand value can help you strategies on how to improve your brand. Learning about competitors products will help you design your products to outperform their products.
You need to know how much market share they command. Understanding how much market share your competitors have will help you develop strategies to penetrate their market.
It is vital to know the pricing strategies employed by your competitors. Knowing your competitors pricing strategies will help you set competitive prices for your products and services.
It is essential to identify your competitors’ distribution channels. This is how they deliver the goods to the end consumer. This information will help you infiltrate your competitors’ delivery channel and channel more of your products to consumers.
You also need to know your competitors sales volume and their financial reports. This will help you know what you are up against. With information on your competitors' financial status, you will be able to strategize on how to increase your sales.
Knowing the marketing strategies that competitor’s use is also important. You can estimate the efficiency of their marketing strategies, and if they translate to positive results you can as well adopt them.
You must also identify the technology used. Technology is responsible for mass productions of high quality products. You need to know what technologies are going to give desirable results. Use technology that is more advanced than that of competitors.