Competitors are out there, whether you like it or not. They are as hungry as you are. In fact, they are just hurdles in your way towards success.
So, what can be done to get past these hurdles?
First and foremost – do you have enough e-commerce product content? Because increasing the number of customers for your company is entirely dependant on your product content.
A thorough study of our competitors is required. Why is it important to research competitors?
So that, we can be prepared to face them.
The research you gather about your competitors is called Competitive research. The most important step in a competitive research is to Categorize your competitors.
By doing so, you will understand their strengths and their weaknesses, and learn how to position your company.
Identify, understand and raise the benchmark so you won’t have to worry about them sneaking up behind you.
There are three divisions through which you can easily categorize your competitors
They are your direct competitors. It means that these companies are selling similar products, or they might even be targeting the same audience.
These are companies which sell high-end or low-end versions of your product. Perhaps sell something totally different to a similar audience.
For instance, if you’re selling Rolex watches, a secondary competitor might be a Timex retailer.
This includes businesses that are tangentially related to your company. It may come in handy when you want to expand your product catalog. They are mostly products related to your company.
For example, if you sell jewelry, your tertiary competitors may sell gems or precious stones.
As you conduct your research, make sure you update your work in a spreadsheet or a database.
Respect your Competition
Research work is necessary…on the other hand, respecting your Competition is equally important. Read what Mr.Ken Sadowsky, the Co-Owner of Ribbon Warehouse had to say about the same.
While growing up, my father who also was a small business owner, had a wall plaque in his office that essentially echoed the sentiments of the importance of embracing, appreciating and understanding your competition.
This personally stuck with me and is something I have continually practiced in the 14 years we have operated as an ecommerce company. – Ken Sadowsky, Co-Owner, Ribbon Warehouse (Courtesy: https://www.bigcommerce.com/blog/how-perform-competitive-analysis/)
Note: Always remember, your B2B product content services matter a lot. Present all the details in an organized manner – Quality speaks.
Voilà! you have everything you need. Now, all you must do is follow these steps and push your company towards SUCCESS!