LOVE YOUR ENEMY BUT DON'T FORGET HE IS NOT YOUR FRIEND Could it be a unique strategy to deal with competitors ? How?

Competitors are not enemies. But you certainly need to KNOW your competitors rather than LOVE them.Every company should do as much as it can to analyse its competitors. Competitor analysis is an essential base for defining your competitive advantages and consequently your strategies and your strategic positioning.

I would rather use RESPECT instead of love! Competition from my point of view is very important factor that keeping the business innovative and dynamic for the sake of customers and development  Whenever consumer spending is slowing down, you need to defend your market position and maintain your competitive edge:

Know the competition. Find out who your competitors are, what they are offering and what their unique selling point (USP) is. This will identify the areas you need to compete in, as well as giving you a platform for differentiating yourself

FORGIVE your enemy but never FORGET his name ,,, that must be the rule for safe and happy life.

Love & respect your enemy but do not forget he is not your friend 

Love is a pretty big word when talking about competitors and too spiritual in the field of business. However, I respect them. I'm awaire of everything they do, I try to predict their next move and beat them to it or act upon it.

LOVE your Customer and LEARN from your Competitor; Your Customer is your Soldier to protect you from your Enemy.

Let us first define the meaning of the competitor and the enemy :

- The competitor is a person works hard to reach to the top trying to pass you without harming you and this is important.

In a healthy competition both of you are compete and both of you committed the rule of the game.

- The enemy is a person who posses with very bad ethics, has no problem to do anything if it will get you, he might deal with the demon if it worth.

without hesitation he might finish you if he found the chance to do so.

Second :

I shouldn't love my enemy, because if so happened my mind might stop thinking to defeat him, also I can see a bad action he did intended to harm me as a normal action and might forgive him.

while I should take care from him/her.

Bad idea to love your enemy, but be in balance state no love no hatred.

Deal with him/her as a strange person.

competitor mostly teaches us many thing or we have to push ourself to limits to give a good competition which help us to work harder.

There is couplet in urdu MAI dushmano ka bara ahahtram karta hubecause criticisim by enemy improves me so fundamentals  r  the same so respect the competetior and lern from them and finally improve ur self and win the enemy.

i think you should mind your competitor by analyizing  her and knowoing her so that you can have an easy way of dealing with them.it will also help in cost reducation

Identifying Your Competition

An important part of dealing with any rival businesses is to know who the competition is. Your market could be an age or consumer demographic or it could be the area where your main office resides. Regardless of what your specific market is, your competition will be another company that has created a product or service that directly impacts your sales. While it may not be the exact product or service you provide, it can be something that affects your market share by creating an alternative to what you offer. To compete, you need to better your own product to keep your share of the market.

Analyzing Your Competition

Take a look at how your competition is eating into your market share. Your competitor could be using different advertising methods, providing customers with a new spin on your product, offering a lower price or providing better customer service. Analyzing your competitor can be done through a simple Google search or by visiting the rival company’s website. You can also take a look at any advertisements in the newspaper or Yellow Pages to see how your competitor is engaging a number of different demographics. By analyzing these methods, you can figure out how to improve your overall business strategy.

 

Knowing Your Clients

Take a look at how your competitors got where they are. The information they used to cut into your market share is valuable to your business. By polling or talking to your current customers and asking other people in your target demographic about what they expect from a business, you may be able to change your model to appease these individuals and directly challenge your competitor.

Strategizing Against the Competition

Once you have the necessary information, start taking back that market share. Decide what kind of marketing you need. If you’re looking at a younger demographic, think about how you can reach this group through the Internet and social networking. Older individuals may respond more to advertising through the newspaper, mail or television. Ultimately, you want a marketing campaign that tells about your new business model, while keeping true to your company’s mission statement.

Adjusting Your Business

Whether it’s a new focus on customer service or a lower price model, if you’re losing valuable market share to a competitor, it’s crucial to change your current business model. By competing directly with your competitor’s price plan, you can begin to win back some of the customers you lost and win some new ones. Additional customer service can make your customers feel special and wanted, bringing about repeat business and creating a positive word of mouth. Find those weak spots in your business model and replace them with efficient plans that address those deficiencies. Adapting to new adversaries and challenges in the dynamic business world can keep you at the forefront of your market.