Why your competitor is growing faster than you?

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Handling and growing a business is not a ‘cup of tea’ task. You need to make adjustments and change if you want to tackle the troubles and cope up with the competition. It is important to have competitors if you really want to grow. And if you do have competitors, believe me, you are growing! You should know which type of competitors you have and what are the strategies or changes they are making to grow in the industry. Let’s begin all about why your competitor is growing faster than you.

Now, the first question is, why it is important to know what your competitors are doing?

· Improve your processes

The product or services that your brand has can be sold in many ways. They can be offered in various tricks. Products and services offered in different combinations and circumstances maybe it is according to the weather, season, occasions, gender, likes or a particular field. You should know at what particular time or situation your competitor is selling the product or service. The more you know about where is your competitor is standing, the more you can process your branding strategies to make your brand unique. It is good to compare with your competitor to become more effective in the market. To know why your competitor is growing faster than you, do know your competitor’s position in the market. What product they’re using, are they using eco-friendly products, are they using the latest technologies for branding, are they going digital or using organic tools, or to whom they’re approaching. These are some key points to note down of your competitor to make your one stronger.

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· Distinguish the uniqueness

You should know about your competitor’s niche. What are the strategies they’re using? A ‘niche’ is something related to products or services that appeal to a particular group of people. 

You should know their pricing plans. Notice the price lines your competitors are working on that the people are willing to buy. If you have a price higher than your competitor then you should also maintain the quality and taste that are appealing to customers. 

Make sure the quality of your product is worth buying and reviewing. If you have pricing lower than the competitor, it is good but maybe you have to convince your customer that the value of the products is as good as the costly one. Make sure you need to be able to convey the message that your product is ‘good’ as your customers are expecting. This can also make a strong bond with your customers. Keep in mind that you better beat your competition but you should also serve best to your customer. 

You should know your competitor’s strength as well as your strength. Note down what customers are liking at a present time. You have your product and services. Always try to do something unique with them. 

Notice the weaknesses of your competition and then try to make it your strength. Make sure you are spending your time, energy and money in the right direction. Identifying their weaknesses may help to find your strengths. Sometimes knowing your competitors can also bring new opportunities that you had never thought of. This will improve your strategies and planning to improve your business positioning in the market. 

And then the second question to pay attention is, What should you copy from your competition? 

Before copying anything, make sure you have studies on your weaknesses and strengths. You know that you are going to changing something but for the sake that does not mean that you have to change your brand completely or you have to copy them. Every brand has its uniqueness and power. Identify that power that only you have. Identify the idea that will make a change. Understand that you need to copy things from the competitors and change it in your own way. You need to do competitive analysis, not copying the whole thing. Maybe there are many things that your competition have and you are not able to do all the things. Just remember to keep eyes open to the updations and changes and be kind to everyone.

Let’s see some strategies or ways through which you’ll get to know what should be copied from your competitors.

Website Technologies

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          To pace with the competition and the era, one should get along with the updation and the technologies. Web technologies allow you to communicate with the present world and competition and keep your customer’s loyalty towards you. If you are using the latest technologies then automatically it will improve customer’s trust and relationship upon you. People always love to adapt the new things. Of course, technologies are being faster in the modern world. People are going digitally everywhere. The best way to beat the competition is to walk with the time and stay updated anyways. In any company, technology is a powerful tool to get growth. It can lead to cost-effectiveness and productivity. It can spread information faster to your customers. If you want to beat the competition, technology can do the work.

Website Architecture

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          Website architecture is all about planning, designing and maintaining a website. It is all about to plan everything about the website. 

Start with understanding the approach of your website and plan all the states and steps according to it. When you start anything new, you need to understand it in detail. Identify the end goal and make short term goals keeping that in mind. Do research about your services, your competition, weaknesses, and strengths, ideas and start working on them. Collect all the necessary content for your website. Make sure you get the content that has to be relevant, meaningful and can attract your customers. Your content is a reflection of your brand. Keep updating your content. Creating the most exciting graphics and typography that grab the attention of your customers. Work on technical constraints and functional aspects. Make sure to create a better visual appearance of the website. And last set some security parameters to avoid hacking and illegal authorities and keep your website safe.



          And finally, consistency is the key to everything. Consistency is the most important thing by which you can beat every competition in the world. You have to ensure that you have a consistent website. The content you’re uploading is consistently updating every day. If you get a slip even one day, you can lose customers. It also helps in establishing reputation and standards. The key to success is ‘consistency’. 

So, this is all about why your competitor is growing faster than you. Comment down your views and share your ideas, thoughts with us. Get connected to Designing Bulls.

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