How To Identify Your Business Competitors ✨✨✨

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There are other people doing what you are doing, sometimes even doing better and they’re taking away your potential customers.

You need to know these people and strategize on how to overtake and outsmart them to become the best in your game.

How can you identify your competitors?

Smartly,

Do a market research:🌐
Delve deep into the market and find out the brands, agencies and businesses that do what you are also doing. Check out how they organize their activities, from the kind of products they sell, to the kind of prices they have and the kind of audience they attract.

All these would keep you informed on what steps to take to stand out and make sales.

Do a SWOT Analysis:📈📉
SWOT stands for Strengths, Weaknesses, Opportunities and Threats. Find out about all these of the businesses you think are competing with you.

With this, you would be able to identify how well your competitor’s business works which makes it easier for you to create strategies to overtake them.

Use customer reviews and feedback:📊
Your customers know about other similar products a little more than you do because a lot of businesses push out products to them to buy.

Therefore, be sure to get your customers’ review on how your products are doing and also read reviews of your competitors’ products.

Again, this will help you know where you stand compared to your competitors.

These three steps will guide you to properly identify your competitors to be able to strategize to outsmart them.