Understanding your competition is just as important as understanding your target market.
Find out the following about your competitors
- How big are your competitors business?
- Are your competitors local, regional, national or overseas?
- What sales channels do your competitors use and how do they make money in their business?
- How profitable are your competitors business?
- In what ways do your competitors position themselves in terms of business marketing strategy?
- What are the features and benefits of your competitors’ products or services?
There is more to know about your competitor in Business:
Like what prices do your competitors charge?
This is the part where you need to do some investigation to obtain critical information about the business.
Sometimes you can get information directly from the competitor by calling their business. Another way is to visit their website or location pretending to be a customer seeking quality information.
You can as well:
Sign up for their e-mail newsletters or follow them on Facebook or Twitter to see what marketing methods they’re using. Sometimes, geographically distant competitors will be willing to give you advice and ideas if they feel you aren’t going to be competing for the same customer base.
Contact potential suppliers to research your costs and product
availability. So ,While you’re at it, see if you can get information about competitors (no dulling!).
Social Media can be a snitch Bitch to your competitors
Social media has made it easier to contact your competitors’
customers and ask what they like (and don’t like) about the competition. You can also see what the competitors’ customers are saying about them online.
Set up a Google Alert on your competitors to receive news and information about them. Search online articles to learn about their growth strategies and future plans.