when you’re starting a business it is important to get a handle on your competition, for some of the same reasons you need to hone in on your ideal customers. by starting with your competition, you can immediately identify if there is a need in the market, as well as an opportunity to enter. similar to identifying opportunities in the market, knowing what your competition is doing, or did, can better help you navigate similar decisions. one simple way to get a good sense of your competition is to google the three or four groups of keywords you would like to be found for.
a competitive matrix is a great tool for comparing specific features or perceived benefits between your business and the competition. this is a simple method to quickly identify where you’re beating out or falling behind the competition and develop any strategic changes you need to make. the landscape can change quickly, especially if your business is a startup in an emerging or freshly disruptive industry. and there is a fine line between monitoring your competition, and obsessing to the point of strategic paralysis.
knowing who your competitors are, and what they are offering, can help you to make your products, services and marketing stand out. 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. you also need to be constantly on the lookout for possible new competition. at exhibitions and trade fairs check which of your competitors are also exhibiting. check any interactive parts of the site to see if you could improve on it for your own website.
phone them to ask for a copy of their brochure or get one of your staff or a friend to drop by and pick up their marketing literature. don’t just ask how well you’re performing – ask which of your competitors they buy from and how you compare. evaluate the information you find about your competitors. if you’re sure your competitors are doing something better than you, you need to respond and make some changes. renew your efforts in these areas to exploit the deficiencies you’ve discovered in your competitors. and even if you have, your competitor may be planning an improvement.
how do i identify my competition? 1. keyword research 2. ppc ads that appear in search results 3. conduct a competitive analysis 4. industry knowing who your competitors are, and what they are offering, can help you to make your products, services and marketing stand out. it will enable you to know your enemy and know thyself. admittedly, when it comes to business, people want to stay on the top of their industry, but most often, there, know your competition quotes, know your competition quotes, why is it important to know your competition, obtaining information about competitors business interests, who are your competitors example.
knowing your competition well helps you: understand specifically what your competitive advantages are. understand the specifics of the marketplace where you hold that advantage. target your efforts on that marketplace, which should increase your return on your marketing investment and increase your sales yield. your business plan’s competitive analysis should list your main competitors and their strengths and weaknesses. the more information you have 1. market research this can be as simple as asking your salespeople which competing companies get mentioned most in their customer conversations, or as complex what kind of competitor are they? how do your competitors position themselves? understand your competitors pricing what are your competitors, competitors in marketing, competitor analysis, business competitors examples, what is competitors in business, disadvantages of knowing your competitors, what are competitors doing well, types of competitors, strategy to compete with competitors, what are my competitors’ strengths and weaknesses, i consider my competition to be. how do you know your competitors? what are the 3 types of competitors?
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