WHO ARE COMPETITORS?
There is no business in this world which does not have any opponent. Doesn’t matter even if your restaurant is the only one in the town. Your consumers still might spend their money somewhere else. Look out for business which provides better entertainment options in the same prices as you. So, all the cinemas, carnivals, gaming zones and recreational parks are your competitors.
With the increase in the use of internet, your competitors now are not just your neighbor businesses. Any other e-store or e-service with a global impact is able to steal your customers.
Any upcoming business start-up offering the same or similar product or service can also be a threat to your current business.
A competitor or a business rival can also be an entity which can launch the new product or service that you were about to launch after licensing but it takes it before you.
Corporate world is moving fast and that is why you must have to keep analyzing four of the following things after looking at your competitors, for your business on regular basis:
- Strengths: Find out the skill set and expertise that your company has have and fully utilize it. Being able to smartly spy over the others and best utilizing it can produce a lot more than usual.
- Weaknesses: Identify the areas within your business where you lack skills and resources. Usually skills can be improved through practice, training and planning. Whereas, the resources might end up being limited. Try to balance your weaknesses by optimizing the revenues.
- Opportunities:Take calculated external risks to lead all of your rivals. If you help people find solutions which no one is providing in the market, you can win a jackpot.
- Threats:Always be aware of all the factors outside the marketplace which can harm your business. Never step out of your legal limits to stay out of trouble. Always plan for catastrophes by keeping some backup assets.
You can take future steps with minimal loss risk only after you figure the above four things.
HOW TO TRACK YOUR COMPETITORS?
You can look for traces to know about the existence and nature of your competitors such as physically visiting the famous nearby companies or just specifically search the product or service that you provide in your nearby places.
You can also consult the newspaper advertisements, corporate directories, events, festivals exhibitions and corporate fairs or just directly interact with your customer base and take their insights. You can interview them or just ask what you want through questionnaires.
Pay attention to the flyers and pamphlets roaming around your door-step because they have a huge potential of customer conversion and you can learn from it.
WHY SPY ON YOUR COMPETITORS
Here’s a look at four reasons why you should spy on your competitors.
To anticipate the next moves
Either your rival was planning an advanced product, or it was just implementing better business strategies, you will know before-hand. In this way, you can plan a counter strategy and beat him in the annual sales. Sounds like a dream come true, right?
You can also understand the latest market trends or take any initiative before them which they were planning to take in the near future.
Confidence and Better Decision-Making
Knowing the potential challenging circumstances will help you to make smart and timely decisions. You will be more confident in your future decisions. Spying can do wonders if you do it right.
Exploiting new ways to Improve:
The planner of the strategy does not have the capability to find the loopholes in his own work. This is where you can take advantage by finding the flaws in your competitor’s business and avoid having them in your own.
Identification and Better utilization of your competitive edge:
Once you become able to compare yourself with the others, you will find out the thing that you have which your rivals do not have. You can mold this strength and turn this into a competitive edge against your competitors.
How to Spy:
If you are one of those who thing that hacking into the information system or secret information of your rivals is the safest way to spy. But these people often fail to consider all the powerful security systems and intrusion detectors which can easily not only track down an intrusion, but also backtrack the intruder.
Cyber laws can be very strict and harm the reputation of your company. Also it can take a lot of money to find someone who can hack the system while maintaining the secrecy unless your most trusted business partner know themselves to do the job. So it is not at all worth it to take this risk.
First thing to consider is to choose the safest ways to spy. Best thing you can do is to find some clever spy gadgets and devices and deploy them in your competitors’ corporate offices, cars or wherever you think it can benefit you.
Here are some most efficient and proven spy devices which will save you a lot of time and effort. You can easily and invisibly fix all these to know what’s going on in other businesses:
- Streaming Camera -PX-500 Pro Xtreme: This tiny camera can provide live HD streaming in just around 1-3 seconds even to thousands of miles distance.
- Mini Button Camera- PX-100: This camera can stream live while sitting behind your dress shirt’s button, or maybe from your rival’s pen holder on his table, and you will remain unnoticed for so long.
These devices can not only come very handy, but also it will be a lot easier to dispose them off and remove the traces of the spying process if you ever get caught. Although you should always hide your original internet IP addresses so that no one can track your geographical address/area through it.
You can check more devices from examdevices and make sure you let us know in the comments below.