Learning about our competition is one of the best ways to improve what we do. It takes a sense of humility to understand that we may not be the best, most popular, or at least the most-established service yet. But we essentially have to keep an eye on our competition in the marketplace, and that is relatively easy to do through the Internet. There are various factors that will either help us advance or fall behind in market-share; so managing those factors appropriately is key to maximizing success.
Pride can be a good and bad thing. It can be a rewarding feeling for a job well done, or it can blind us in turn from learning how we can further improve our business.
A willingness to set pride aside, perform an analysis of your competition, and implement the better aspects of their strategies – will ensure you the greatest possible success.
Humility
Confidence and humility go hand-in-hand because it takes confidence to confront our shortcomings. Accepting our individual situation is the first step in properly understanding our competition. We must put our egos aside and we shouldn’t sugar-coat hard truths as doing so can defeat the purpose of the overall analysis. Where do business’ analytic results fall short from your current goals, and by how much? How far of a distance are you from meeting your goals?
