Learning from competitors need not involve observing what they’ve done and imitating it. There are ways to learn from what they’re doing right without copying marketing strategies. By merely observing what’s happening within your industry and keeping tabs on them for current and future use. Study and analyze what makes their product tic and apply it to your own business.
You still don’t believe that you can learn from your competitors? Read and find out why you have to change your point of view.
The mistakes of others are learning opportunities
No one is exempted from committing mistakes. Even the most capable and smartest business owner or entrepreneur, has fumbled one way or another. However, make sure that you don’t commit the same mistakes the next time. Because the next time offers an opportunity to totally avoid it. You might resort to trial and error but if you know that a competitor across you has done it and failed, maybe it is time to think twice before doing the same thing for your business.
A small restaurant owner offering Southern home-cooked meals for years stood the test of time. As more residents occupied nearby villages, a new trend in eating came about. Box parks mushroomed in open spaces offering various meals. The difference is that though there is a lot to choose from and dining is al fresco. The outdoor restaurant concept became a hit among residents, especially among the younger generations. However, after a while, they closed shop one by one and only a few managed to operate at break even. The small restaurant owner managed to wait and see if this open-air concept will take off. Good for him, he didn’t join the bandwagon.
What he did was to observe his competitors in the industry and waited. By doing so, he learned from others’ mistakes. He controlled the urge to open a similar joint on his vacant lot.
Look at the tried and tested
There are processes that are implemented in many businesses because they work, period. Many home designs are copied because they stand the test of time. It is only logical that you as a business owner adopt certain methods that your competitors are implementing simply because they are so effective. These approaches may present themselves in billing processes, receivables management, and a host of others.
Many businesses nowadays merely copy what others in the industry are doing. What appears to click in the short term doesn’t guarantee it will hold in the long term. That is why it is important to be observant. The same thing goes with thinking up new methods or approaches. Sometimes you just have to look at what works for others and see if it will work for you too. It saves you time and money. You will have more time to focus on growing your business instead of looking for ways to improve your processes. Don’t reinvent the wheel as the saying goes.