|
In order to be successful,
business owners must know their market, and this includes the
competition. Competition can either be direct or indirect -- direct
competition is a business offering the same product or service to the
same market; while indirect competition is a company with the same
product or service but a different market.
(article continued below ...)
Getting information about your
competitors can give you the leading edge, as it can show you ways in
which your company can be unique and can benefit the customer.
Here are some important
questions you should find answers to know your competitors:
-
What services are offered
by competitors that you don't offer? Are you and your employees (if
any) as well qualified to serve as specialists or customer
problem-solvers as your competitor?
-
How does your competitor
treat their customers? Is their service prompt and
efficient?
-
Do your competitors accept
credit cards or charge cards for their services that you do not
accept?
-
How does your company
image compare to your competitors?
-
Can you answer questions
about your competitor's products and services knowledgeably and
objectively?
-
Who keeps more complete
records on each customer, you or your competitor?
-
Do you mail a thank-you
letter or send an email after each sales call, whether or not a sale
was made? Does your competitor?
-
What equipment does your
competitor use that is better than yours?
-
As you watch the product
display of your competitor, do the products seem to be moving?
-
How soon are they marked
down or moved to the sale table?
-
How many times has your
competitor' had his name in newspapers in the past three months?
Count only the times for free publicity such as announcements,
promotions, seminars, sponsorships, donations, speeches, etc. How
many times has your name been published for these
reasons?
-
How much advertising
(number and size/time) does your competitor do each month? How much
do you do?
SOURCES:
Editors,
Income Opportunities Magazine. Home
Business Handbook: Expert Advice for Running a Successful Business Out
of Your Home. (New York: Perigree Books, 1990), pp. 97-101.
Linda Pinson and Jerry
Jinnett, "Steps to Small Business Start-Up", 3rd edition.
(Chicago: Upstart Publishing Company, 1996), 145-149.
About the Author:
Isabel Isidro for Power Homebiz Guides.
Read her blog at
PowerHomeBiz Small
and Home Business Blog
|
