If you are in business for yourself, you are constantly strategizing and researching ways to keep business booming. One way to continually ensure your success is to watch your competition. You can’t only look at the obvious competition that your business might face, but look deeper into your invisible competition.
Invisible competition can consist of many different things like regulations, industry changes, stock market changes, etc. This is why research and paying close attention to your surroundings are key aspects of keeping your company thriving.
It may seem hard to justify spending time, effort, and energy trying to spot competitors you can’t see, or even sense. But that expenditure is vital. To extend the spotlight’s range, it is necessary to go beyond periodically monitoring and evaluating competition. Thinking about invisible competition necessitates a team or brainstorming approach, which can stimulate a higher level of thinking about future competitors. And just thinking about invisible competitors may help you identify new alliance opportunities to protect against a new or emerging competitor.
Thinking about invisible competition can also trigger ideas for a company’s own growth. This deeper competitive thinking may stimulate ideas to facilitate shifts or help identify new partners that are not now on your radar screen. And the exercise can help you spot partnering opportunities with companies outside your industry.
It is a given that invisible competitors will emerge and will compete differently.
The earlier you spot invisible competition, the better able you will be to strengthen your company’s strategy and grow your business profitably.