Know your enemy is a famous piece of Sun Tzu’s advice in The Art of War. In business, competition is usually seen as the enemy. And especially in business there are four extremely good reasons to know your competitors in some depth. Why? Because working on these reasons will make your business stronger. Here we go.
1. Radiate Authority
The more you can show clients that you know your own competitive field and what others offer, the more they’ll be convinced that you know your stuff, and that you have your own place.
2. Position thyself
You have to be able to tell clients in which beneficial way you differ from competitors. They will not see this themselves; you have to tell them. Sharpen your shade in this apple to apple comparison.
3. Learn from them
Don’t be blind. The competitor may well be smarter and better than you. No worries: just learn from them! What are they doing particularly well that you can sneak into your own practices? Make this very concrete.
4. See ally options
Competition is the enemy, right? But wait … couldn’t they be allies? Where you are stronger, they might be your client. Where you are weaker, they might be your supplier or partner. To the degree of joint venturing, merging, or acquiring.
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