Understand Your Competitors

Who Are Your Competitors?

All businesses face competition. Even if you're the only restaurant in town you must compete with cinemas,

bars and other businesses where your customers will spend their money instead of with you. With increased use of the Internet to buy goods and services and to find places to go, you are no longer just competing with your immediate neighbours. Indeed, you could find yourself competing with businesses from other countries.

Your competitor could be a new business offering a substitute or similar product that makes your own redundant.

Competition is not just another business that might take money away from you. It can be another product or service that's being developed and which you ought to be selling or looking to license before somebody else takes it up.

And don't just research what's already out there. You also need to be constantly on the lookout for possible new competition.

You can get clues to the existence of competitors from:

• local business directories
• your local Chamber of Commerce
• advertising
• press reports
• exhibitions and trade fairs
• questionnaires
• searching on the Internet for similar products or services
• information provided by customers
• flyers and marketing literature that have been sent to you - quite common if you're on a bought-in marketing list
• searching for existing patented products that are similar to yours
• planning applications and building work in progress

What You Need to Know About Your Competitors

Monitor the way your competitors do business. Look at:

• the products or services they provide and how they market them to customers
• the prices they charge
• how they distribute and deliver
• the devices they employ to enhance customer loyalty and what back-up service they offer
• their brand and design values
• whether they innovate - business methods as well as products
• their staff numbers and the calibre of staff that they attract
• how they use IT - for example, if they're technology-aware and offer a website and email
• who owns the business and what sort of person they are
• their annual report - if they're a public company
• their media activities - check their website as well as local newspapers, radio, television and any outdoor advertising.

Read the full article at: infoentrepreneurs

Patty Block, President and Founder of The Block Group, established her company to advocate for women-owned businesses, helping them position their companies for strategic growth. Charting the course for impactful, sustainable, profitable businesses, the beacon is control: of your strategic direction, your money, your time, your staffing, and your ability to bring in business. The Block Group brings together the people, resources and ideas that build results.

Business management consultant.

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