We all know that competition is an ugly word but competitors are a fact of life in business. If your business can't compete with other businesses, don't start it. You have to have some type of an edge.
You may have an excellent product or service, but if everyone else is selling a product or service similar to yours, just how much of the market can you expect to capture?
You will have to learn everything there is to know about your competition and understand their marketing strategies.
The best way to research your competition is to locate those you consider the largest threat to your potential business. Take the time to make a note of and acquire a feel for how your competitors deals with their customers, then answer these questions:
What appeals to you most about their website, introduction, setup etc.?
How large of an inventory do they carry?
Are their products display eye-catching?
What is their Alexa, Google, Yahoo, and AOL ranking?
Are their testimonials positive?
Are their prices in line and competitive with yours?
What do they offer that you could not?
Do they offer discounts?
Do they offer a return policy?
Do they offer any special services, such as free delivery?
Which areas could do with some improvement and could you improve in these areas?
Do they keep their online store up-to-date?
What means of promotion do they use (flyers, coupons, free gifts, etc.)?
Next, create a profile of each main competitor. Know how they advertise, why their customers shop there, what areas need improving, and how successfully you can expect to compete with them.
You may also develop ideas for improving and promoting your own business. Your success will lie in assessing and understanding your competitor's strengths and weaknesses.
Evaluate and compare your own strengths and weaknesses to stay in touch with the competition and succeed in your business.
Sonia Colon is owner of a successful online specialty giftstore "Jimson Products".
Visit: http://www.jimsonproducts.com for a wonderful display.
Get Your Own FREE Mall: http://www.jimsonproducts.com
Wood Dale Chicago prom limo .. Lockport Chicago limo O’HareQ: I'm curious. What is the dumbest business question you've... Read More
As a teenager I worked for my father's small business.... Read More
When you awoke this morning, you found yourself buzzing with... Read More
If you are just starting your business, or if you... Read More
Summer is a time for the outdoors, for that well-deserved... Read More
According to the American Society for Aesthetic Plastic Surgery, since... Read More
Just a few years ago, when one thought of a... Read More
Q: I have outgrown my home office and need to... Read More
Why are we over regulation the franchising industry, what purpose... Read More
As an entrepreneur you can learn a lot by following... Read More
Office support services can range from basic data entry to... Read More
Pardon my enthusiasm, but a large part of your small... Read More
A career coach could be simply defined your job seeking... Read More
Sacred cows take a long time to die. We get... Read More
Do you sometimes find yourself just going "through the motions"... Read More
Franchising Directory Sites-Paid Advertising, Lead Generation for FranchisingFranchising Directory Sites... Read More
I propose this thought on the subject of Franchisee territory... Read More
In a quest for customers and to keep those customers,... Read More
Your grandfather probably told you to "learn something new everyday".... Read More
Do you have a Business Plan? Congratulations, but you are... Read More
Most of us remember going to at least one garage... Read More
The efficiency of debt collection is the difference between a... Read More
"Inch by inch, row by row...that's the way my garden... Read More
So you think you're not justified in taking time away... Read More
It's Monday morning and Connie the Consultant sits in her... Read More
Antigo wedding limo ..Would it help you as a real estate investor to... Read More
As I am preparing for my attendance to the CoachVille's... Read More
The Workers' Compensation situation in this country is unbelievable. Why,... Read More
Gather round while I tell you the story of Kennebec... Read More
Competition in the business world is often viewed as a... Read More
Most doctors never distinguish the difference between customers and patients.... Read More
Why should you always maintain a good report with a... Read More
Your business is only as good as the number of... Read More
Obtaining a business credit card enables the small business owner... Read More
1. Look Over Your Shoulder ? Of course, Punxsutawney Phil... Read More
Under the Securities Act of 1933, any offer to sell... Read More
Q: I really want to start my own business, but... Read More
What could Seinfeld possibly have to do with marketing a... Read More
Pressure washing companies must look for customers in the retail... Read More
Do you have a Business Plan? Congratulations, but you are... Read More
Every company has business pain, but the pain does not... Read More
Incredible as it sounds, you have a goldmine of free... Read More
Every company has a value proposition. That is a statement... Read More
Running a business on the net these days can be... Read More
Everyone is talking about small businesses. In 1993, when it... Read More
TACTIC #1 -- Never simply slash your prices, unless you're... Read More
To have one of the popular in home daycare businesses.... Read More
Mr/Ms, 'not me' is often on holidays in your business.... Read More
Treat your business as a serious, full-time business and be... Read More
-- Beyond Cold Calling, "Warm" Calling and Sending E-mails --Many... Read More
Small Business |