Yesterday I spoke about why competition is good for you.
Today we will look at what you need to be aware of in your competition.
In the technology space if you’re competing with a big player, you need to first of all be aware that they have a large customer base and they an ecosystem already in place. This could be the software developers, the reseller partners etc.
Due to this you get to know what is the surrounding “infrastructure ” that needs to fall in place, to make your product/service successful.
However going head-on into competition is never a good idea.
Each competitor would also have multiple areas of the market that they neglect because they’re not big enough for them to invest in.
Look at some of those and create segments and value proposition for dominating those before you decide to get into something else. Always get into the niche with an agenda to Dominate.
From a customer perspective also, since customers prefer to avoid taking risks, don’t try to initially target the same type of customers who have made your competitors successful because they will use you to get discounts from the leaders.
Competition is a very good learning experience and gets you prepared to Not do the same mistakes which the competitors have made.
Till next time then.