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Effective Strategies To Understand Your Competitors

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StrategyDriven Environmental Monitoring Article |Understand your competitors|Effective Strategies To Understand Your CompetitorsThere is no denying that the business world is highly competitive. This stiff competition is partly responsible for why 50% of American businesses fail in their first five years. Consequently, it is prudent to know and understand your competitors to learn customer demands, adapt quickly to market changes, and make better business decisions that strengthen your brand’s market position. Fortunately, understanding your competitors is easier in this age where information is abundant. Here’s how your business can better understand its competitors.

1. Attend industry events

Many entrepreneurs attend industry events to network with potential business partners, customers, and investors. However, these events are also an underrated way to better understand your competitors. A lot of valuable information comes to light anytime those in the same sector meet at industry events, thanks to exhibit booths and informational sessions. Moreover, these events are a great way to simultaneously monitor numerous competitors. For example, you can leave an industry event with in-depth information about five or more competitors. This knowledge may have taken you several days or weeks to compile.


2. Speak to your customers

Your customers are a major source of competitor information, but many businesses surprisingly do not seek their insights when studying rivals. You can learn a lot about how your competitors operate by conducting surveys to get answers from current customers who have once patronized them. These surveys should determine why they switched to your brand instead of sticking with your rivals. Similarly, reach out to former clients and ask why they ditched your brand for your competition. If you are opening a new business, you can ask your target audience for useful insights about competitors since you won’t yet have clients. For example, let’s assume you want to launch a fashion brand. Interacting with your target audience can help you discover particular market segments that your rivals have overlooked. Then, hire business plan writers for your idea who can write a detailed competitive analysis section that specifies how your brand can fill the gap in the market.

3. Check their websites regularly

Websites are often the first ports of call for anyone who wishes to learn more about businesses from multiple sources. These sites typically contain essential business information, events, product changes, and other relevant updates. The Small Business Administration estimates that 64% of American small businesses have websites, so there is a high chance that your competitor has one too. Consequently, check out your competitors’ websites to see what they are up to. Monitoring your rivals’ websites can give you various insights you can use to boost the customer experience for your site. For instance, you can create better blog posts, product descriptions, and contact information to make your website a more helpful alternative for your target audience.

4. Monitor their social media presence

Review42 estimates that at least 91% of American businesses leverage social media platforms for marketing purposes. Therefore, social media is a great place to head to if you want information that can help you understand your competitors. You can monitor the types and frequency of their posts, the topics they speak about, and who engages their content. Additionally, you can gather general sentiments about your rivals from social media, which can help you hone your own social media strategy.

What Should You Be Looking For In Potential Employees?

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StrategyDriven Talent Management Article |Potential Employees|What Should You Be Looking For In Potential Employees?You’re always going to have to hire new people as a business owner, but how do you know when you have hired the right one? It’s never possible to be 100% that the person you have hired is the right person until they start working, but you can get a pretty good idea during the job interview. In this article, we are going to be taking a look at some of the things that you should be looking for in potential employees, so keep reading down below if you would like to find out more.

Determination

The first thing that you need to look for is determination. If they come across as someone who wants to work, and who wants to do a good job for your business no matter what, then he is the kind of guy that you are looking for. If they are slouching in their chair, not making eye contact and generally don’t seem to care at all, then this is the exact opposite of what you need. Trust us when we say that if someone is determined to see a good job and do well for your business, you’re going to know about it.

There are some people though that will be quietly determined because we get overshadowed by those who are loud and are talking all the time. Essentially, as long as they don’t look bored and they are answering your questions with some level of enthusiasm, then this is a good sign.

Willingness To Learn New Things

You cannot allow someone to stay stuck in their ways their whole life. They need to be able to adapt to change, learn to follow new rules and do things a different way to what they are used to. If you hear the words ‘at my last company’ and you are not a startup looking for advice, then you need to tell her that. Let them know that it doesn’t matter how things were done at the last company because they are no longer looking for employment at the last company you worked for. As such, your rules are going to be strict. While I appreciate the need for a drink, it’s still overwhelming on the first date.

A Clear Social Media Presence

After the interview, or before depending on when you have time, you should take a quick look through their social media. Make sure that it is appropriate for someone of their age and their standing in the business. If it isn’t, then in their contract social media has limitations etc. We know that sometimes it can be difficult, but if someone knows how to delete a comment on Instagram then this can be solved. If there is an issue it’s one of her posts to a bed. If you can’t find anything on social media, then this will be a point in their favor and I can’t believe you are saying that either.

Past Experience

You do want someone who has some kind of experience if possible. It’s not a requirement because you can always teach someone what they need to know, but past experience might help your business. They can tell you what worked and what didn’t work in general terms at the company, as well as some of the things that they were going to try and see how well these strategies tried.

Sometimes having someone completely fresh is ideal, but not always. You need to have at least a few people who know what they are doing and have some kind of past in the business that you are trying to start. You never know how close you are to snapping until someone is so full of arrogance they think that they can just talk to everyone however they want all the time, though. Experience does not make you a God. This is a terrible quality to have, so if you find it, this person is not the right fit.

Arrogance is a killer in the business world, and you can’t have someone like that on your team. A team is a machine and without even a single cog, it stops turning. No one piece is more important than the other.

We hope that you have found this article helpful, and now see some of the things that you should be looking for in potential employees. At the end of the day, the thing that you want most is an employee who is willing to work to help you achieve your goals for your business. If you can find this, then you are already far better off than some of the other businesses on the market.