Keeping your eyes on the competition and what they can offer can help improve your own products and services. There are a few main types of competition to keep in mind.
These businesses mimic your business model and target the same market. Convincing a customer to always choose your business can be tricky if the prices are similar. Thinking out of the box can help ensure you have recurring customers.
Peruse the internet to see what your online competition offers. It can be helpful to take note of website design/layout, prices, and customer service. Making a call or sending an email as an inquiry from a potential customer can give you useful information, such as what they charge or names of suppliers/distributors.
Big Business Competitors:
One way to compete with massive marketing budgets and international resources is through a customer’s loyalty. It can be difficult to undercut Big Business pricing, so tune into your clients and ask them how you can improve. Building relationships with your customers can serve as an advantage over bigger companies that exchange a personal touch for profit.
Keep in mind the volatility of the economy. Is your product or service niche something that people need during strict budget times? Is there another product that the customer would purchase instead of yours? It is also important to keep an open mind about future competition. The industry can turn at any moment, and competition can come up from the unlikeliest places.
A couple more tips:
In the end, even if your business strives to be the most innovative in the industry, it can help to keep an eye out for the other guys. Getting to know your major competition can help plan for your business’s success.
Finding networking events for your local industry chapter can be beneficial in finding referrals or general tips.
Taking a course through the Small Business Administration is another way to brush up your skills.
Contact us today to learn more about how we can help you growth your business.
Manny Skevofilax is a consultant and speaker that assists his clients with successfully navigating the challenges of growing their businesses profitably. Since 2003, Manny helps businesses to enhance their financial results by using his experience in strategic planning, financial statement analysis, operations, and team-building. His consulting firm, PORTAL CFO Consulting, Inc., has attracted clients from diverse industries in the United States and abroad.
Manny can be reached at 410-808-3441 or via email at firstname.lastname@example.org.