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Analyzing your CompetitionWhen you start your small or Home Business, it is very important to look at your competition to gain insights into a number of business areas. This is one of the most overlooked aspects of you overall business plan. In fact, you may want to consider setting aside a certain amount of time each week or month exclusively to snoop on your competition and gain vital business intelligence. Some of the business components you definately should look at include your competition's sales copy or script, their competitive advantage, customer service and general marketing plan. Do not neglect any of these areas; it is vital that you cover them all. Be as comprehensive as possible. Make sure to chat with your competition whenever possible. It is important to realize that the majority of business owners actually enjoy talking about their businesses because they are so near and dear, much like parents enjoy discussing their children. Just invite another business owner to lunch and be sure it is on you. Of course, It might be a good idea to chat with an out-of-area competitor. You don't want them to be defensive about another competitor in town. If your business will be limited to a specific area, then go a little outside that area. Be sure to use the power of the internet to spy on your competion. This is very common practice these days. Such services as whowhere can be of great assitance, and there are numerous others. Another good way to get some important information is to buy from your competitors. You will then get their promotional literature and coupons, you will find out how much they charge, what services they offer and how good their customer service is. If they ship a product, you will find out if they ship on time. You can also check the actual quality of the product. You will probably get other insights that you never considered before. If it happens to be a service, you can then witness the results. It is probably a good idea to be honest about what you are doing when conducting your market research with competitors, as you do not want to get a bad reputation. |
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