Competitors analysis
One of the most important decisions when you start your business is to know your competitors first and then analyze your competitors so that you can enter and know the market well and where is heading and it is necessary to set a real successful plan and draw a path for entry
If you want to open a shrimp restaurant, for example, you must know all the competitors in the market, then know the weaknesses and benefit from them in entering the activity.
And knowing their strengths, for example, the price, service or quality, by following and visiting them and searching on social media sites.
After that, we can evaluate the market share of the product in the market, assuming we have five shrimp shops, we visit one of the restaurants at the beginning of the working time, and we visit it at the end of the working time, and after that we read the first and last invoice, and we almost calculate the number of bills assuming 100 bills with an average of 50 riyals for the bill, the output will be 5,000 riyals, this share The restaurant daily and monthly will be 150 thousand, and therefore the number of other restaurants are the same, and after that we calculate the market share for the entire activity, but some market shares are difficult to predict and their knowledge requires specialists.
After that we see these restaurants who are the target group for their restaurants are they middle-income or low-income or high-income and we compare the types of meals between them and who are the suppliers of this product and their prices and how to contract them and is there more than one resource for example
Then we will search for our competitors on social media, what their social reputation is, how to receive complaints and suggestions through the means of communication, and what and the means of communication that they deal with.
After that, we can search for their sites in Google Maps and see the comments of visitors, which are often real and realistic, and benefit from them
Finally, a clear and detailed plan must be drawn up:
How will you penetrate the market, whether by quality, price or service
- And how to set the appropriate pricing for your meals
Is the market in a phase of growth or contraction?
Does the market target a specific type of customer?
How competitors will deal from entering the market
Finally, you must have a lot of administrative and technical skills in order to be able to enter the business world in a strong and successful way, and the best way for this is to work in the same field of the project if for a short period or sit with the experts in the project continuously.