Digital Solutions By Valuemize

Why You Should Know Your Business Competitors

You would be lying to yourself if you start a business thinking you’re the only one who delivers the service your business intends to deliver. And your competitors know this.

So while you’re busy getting comfortable, they’re out there looking at the profiles of their competitors, and you might happen to be one of them.

When creating a social media strategy for your business, there’s something called a SWOT analysis.

Through this analysis, you get to discover the strengths and weaknesses of your business. Two, because your target customers can only be found externally, you would also get to discover those opportunities and criticisms your business is likely to get from the outside world.

On the other hand, a PESTEL analysis would help you to understand your business a lot better. You would discover how well your business is doing economically, technologically, socially, environmentally, etc.

Conduct proper research on your competitors. Find out what they’re doing and figure out how you can do those things even better.

Contrary to what you might think, your competitors are also afraid you’d be better at the job.

Have you been thinking about this? Let me know your thoughts in the comments.

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