Business competitors are not meant to be relied upon. Of course, there are instances of healthy competition and you may even be friends with your competitors. Nonetheless, all competitors want to know the trade secrets of their opponents. As a result, be careful, no matter how cordial your relations are with your competitors; never ever reveal your business secrets to them.
Let’s look at some of the most common trade secrets that you should keep from your competitor:
1. New products – Any changes that you make in your product or service line should be kept under wraps till you are ready to reveal it to the public at large. Otherwise, you never know, maybe your competitor would beat you to it. These new changes, could take the form of new products that you may be launching or closing off some earlier ones etc.
2. Pricing strategy – Everyone uses a customised strategy to decide the price of their goods and services. It would be fatal to reveal this to competition, which of course would be ready to give an arm and a leg for it. This is also illegal and thus the Federal Fair Pricing law prohibits competitors from doing so.
3. Target market – Your key customer base and strategy to attract them is quite crucial and should be guarded well. All intelligent businesses keep this in mind and never ever reveal their actual customers and the means of engaging them, to their competitors.
4. Customer count – The numbers of customers that you have or the amount of sales that you have made is also one of the most well kept secrets. Otherwise, your competitor would be able to judge your exact position and standing in the market.
5. Guard yourself – Be always on your guard and take care of what you say or write. This is particularly important in case of your own and competitor’s product. Make sure that you avoid commenting on competitor products and services. Try playing safe and say that you have not tried their products or services to comment about them. Otherwise, anything that you say or write against your competitors can be used against you in any adverse way, be it in legal matters or in marketing ones.
6. Marketing strategy – All products and services need to be marketed or promoted to the people. Otherwise, they would not get around to buying your product or service. You can do so by various means such as advertisements in media, banners, letters etc. This is all a part of your marketing strategy and should be kept secret from your competitor.
You may wonder that this would be quite easily apparent to the competitor but the idea is that they should not come to know of your plans before you launch your scheme. Otherwise, there are strong chances that they will try to beat you to it.
7. Product sources – One should never reveal to their competitor their sources and contacts through which they work such as names of suppliers, distributors, wholesalers etc.
8. Technical and other aids in business – At times you may be using some particular technical or computer tool that has made your business processes much easier and better. This is an advantage that you have over your competitor. Therefore, it would be advisable that in order to maintain this advantage you keep it a secret from them.
9. Don’t trust your competitor – No matter how cordial your relations are with your competitor don’t ever trust them. Never tell them about any episode that you have had with your customers, either good or bad. This also holds true for your staff, products and services. This is so because you don’t know how they may use this information and at times, it may have bad repercussions.
Everyone wants to follow the leader. If you are able to make your business a success then you can be sure that there would be many who would want to follow in your path and use the same business model as yours. This is part and parcel of success. However, no matter how much you are prodded, it is never safe to talk about your business and its workings with any outsiders. You would come across many a situation, when you would be asked about various aspects of your business but be cautious and don’t reveal the details.
This article was written by Craig Dawber of smarket-associates.com Need advice and guidance with your online business check out the resources found in this website.