Your Ultimate Guide to Do Competitive Research
As an entrepreneur, you can’t simply say screw the competitor because such thinking could harm your company in the long term. You can’t simply say screw the customers because your business existence depends on that customer. You need a high level of competitive research to succeed as an entrepreneur.
To beat the competition and achieve a high level of competitive advantage, and be close to your customers, you need to be smarter than your competitors. You need to have enough knowledge about your competition but also of your buyers if you want to be able to make the right decisions for your business.
Many entrepreneurs talk about competitive research in very different ways. This is because competitive research is a broad term and might end up in many various directions, various knowledge, and multiple processes. However, we must clearly understand that it is only one bit of the bigger picture where your business operates.
As an entrepreneur, you will need to be aware that you don’t have to invest a large amount of money on fancy competitive research tools from the beginning. It is more important to know that this research needs to be done by you, and only you, in most cases, because competitive research is about performing the groundwork. It’s about going out of the building.
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