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Samuel Ibok Marketing Supervisor @ Crusader Sterling...
city Lagos, Nigeria
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In Business Development • 2 min read • Aug 31, 2024 21:36p.m.
COMPETITION
<p>Your competitors are not after your life. If they are, please kindly inform the appropriate authorities. Working in three distinct industries in Nigeria has afforded me an uncommon opinion on the business landscape. For me, your competitors are very important for your business. They are a unique indicator of how well your business will do. My suggestion to anyone building is to study their competition. It's worth it. Your competitors keep you innovating.&nbsp;</p><p><img src="/media/inline_insight_image/WhatsApp_icon.png" alt=""><br></p><p>In business, once relevant isn't a guarantee that you will stay relevant. BlackBerry can relate (no disrespect intended). If you've noticed that your loyal customers are slowly drifting to your competitors, your immediate response shouldn't be cursing your competitors or accusing them of theft. You should look closely at their strategy. It could be that you're doing something wrong. Ever wondered why two vendors selling the same range of goods on the same street will get a variance in terms of footfall of customers?</p><p>Even unicorns are actively innovating because they understand that the playing field is gradually changing. Take a look at the apps you use frequently. Why do you think they roll out features after their competitor has done the same? It's a psychological game. Your competitors are not sleeping. If you're thinking long-term, then you have to adopt strategies that will keep you running. Even football clubs watch other team games so they can execute properly. Well, some teams will keep studying but won't carry the league. I didn't mention Arsenal sha. Sometimes competitive advantage comes from knowing your competitors!</p><p>&nbsp;<img src="/media/inline_insight_image/telegram-icon-6896828_960_720.png" style="background-color: transparent;"></p><p>Imagine a world with only one vendor for everything. I think that would be quite boring and bland. Even if you're the first mover in your space, having a competitor is a sign that you're doing something worthwhile. Being the only person can limit your drive. Now, kindly research your competitors. You're welcome!</p><p>&nbsp;</p>
COMPETITION
By Samuel Ibok
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Mwambo Kate Jefferson Nnadiekwe Godwin Erite
business competition research
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