If you are planning to enter an established market place, you will be aware that you will be aiming to attract customers from other businesses – your competitors. When doing research, you should investigate and build on the strong points and exploit the weak points. Remember to not make the mistake of look into the weak points of your competitors but to look at the strong points for example, their sales volume, marketing, strategies used in PR, advertising and personnel. I recommend for your future company you must focus 90% of your competitor’s strong points and only 10% on their weak points. Then you may be able to offer your product or service with better customer service at a faster and more reliable rate. Now can you market your product in a more attractive way? Can you offer a feature that hasn’t been on the market before? Remember that all competition is healthy as it keeps you on your toes and ensures that you are always striving to please the customer as if you don’t, a competitor will.


Keep your competitors close to you, by this I mean that it is always useful to know what measures they are taking, investigating any competitor activities taking place. If for instance they are about to launch a new subsidiary product then it may be at your interest to find out as quickly as possible as much information as you can. This way you will have time to prepare something yourself in order to keep your customers interested in you, basically you must always stay one step ahead of the game at all times…


There are many ways to grow faster than your competitor here are a few.

Maintain a good relationship with your supplier. If you are falling behind with the workload or having trouble paying your supplier then do not try to avoid the situation and stretch the payment as much as you can. You are better off keeping and maintaining a good relationship with your suppliers in case this does happen some time in the future. For example you may have opened a restaurant selling a popular dish, which requires certain ingredients only your supplier can provide at a good rate. One week the demand may be so high that you may run out of this special ingredient, if you do not have a good relationship with your supplier then they may easily help others before you, and often others mean competitors!!


Be fast in your business activities. If you want to really overcome your competitors then you must act quickly and precisely in all your business activities. If you can offer the same service as your competitors in half the time then you are bound to gain many new consumers. In today’s world everything is a rush, I’m sure you all heard the saying ‘time is money’ well this is the case with consumers as well. To most people time is money and so you must capitalise on this, you must always try to be faster than your competitors no matter what industry your market is in. For example if there is a new technological break through in your market then you must try to be the first to employ this within your company and utilize this in a way it increases sales. If you are quicker than your competitor then you are going to gain a lot more consumers, as they always want the best, especially as in this example when talking about technology. Remember this useful tip and always keep it in your mind;