Latvia-born Thomas Kralow came from a poor background, but he tried as much as possible not to allow his circumstances affect his ambitions. Kralow always wanted to become an educator and teach people how to trade successfully. Having been exposed to different trading programs around the world, Kralow knows the significance of researching your competitors so as to offer the best product or service.
Thomas Kralow states that when a company wants to win over customers and increase market share, it needs a well-defined plan, and competitor research is an important component of this strategy. As a trader, you won’t be able to succeed unless you look at what your competitors have to offer, their strengths and flaws, and how they attract and maintain clients.
Kralow adds that if a competitor is providing excellent customer service, one should take inspiration from them and, instead of imitating their idea, devise a strategy for improving their own. He also advises traders to keep an eye out for the latest industry trends as well.
To back these pointers, Kralow offers compelling reasons to research what your competitors are doing.
Competitor research allows you to gain a better understanding of what customers expect
Kralow states that simply examining what your competitors are doing will provide you with a detailed understanding of your clients’ expectations. It’s very likely that your competitors are selling the same goods for less money or providing better service without charging customers anything more.
Competitor research allows you to gain a better understanding of your flaws
According to Kralow, the most significant benefit of studying your competitors is that you have a better understanding of your faults. Your competition may be selling a superior version of the same product, or they may be more adept at developing client relationships. Analyzing your product/service allows you to spot flaws that can be fixed.
Kralow explains this by citing an example. He says, “If you own a cosmetics company and research shows that your competitors provide more variety, which is why clients prefer them, you should begin by launching new goods. It’s critical to collect client feedback on how to enhance your products.”
You can learn from your competitors’ successes and failures
Kralow advises traders that when they are researching their competitors, they will get to know about their mistakes and successes, which they can then utilize as motivation. You should try as much as possible to avoid the faults that led to competitors’ mistakes, and you should learn from the techniques that led to their success.
Thomas Kralow reveals that he wishes to start his own hedge fund. He is looking to revolutionize the world of hedge funds and he’s already working on it! Moreover, Kralow has another exciting project, called the Kralow Trading Show, lined up in the new year. With an opportunity to travel to Dubai to learn trading from Kralow promised for the winners, this is an incredible giveaway that you should definitely keep an eye out for.
