If you have a business running, you have competition. What is competition? Competition is any business around that carries similar products, and may get customers from you. No matter how you plan your business, you are bound to run into competition. Don’t be scared away from them! Your company can still shine despite of their existence. It is important to do some market research to learn what works best for your competition, their business strategies, and what they lack that you can offer.
Identify all potential competitors
No matter what business you have, you will definitely have potential customers lurking around. If you feel that no business sells the same sort of product as you, think of what other things will the buy in replacement for your product. Those are your competitors. It is important to recognize their weaknesses, and their strengths. Do they have a more convenient way of purchasing the products? Is it cheaper? Make a list of the different weaknesses and strengths, as you will have to be able to outdo them some way.
The competitor’s advertisement plans and strategies
Look around to how your competitors advertise their products. Do the y hand out fliers at the mall or post posters around? Do they have TV ads or do they mail catalogs? What are their prices for their services and products? From observing these things, you should be able to identify what works and what doesn’t and the reason behind it. It’s a lot easier to work and find customers when you already know the market, and your customer’s needs.
Shop at your competitors
By shopping at your competitors, you can learn what products and services they offer, and the price range. You don’t want your products and services to be too expensive than what is on the market. Study them to see what works, and what sort of products are most popular with customers, and the reason behind it. You can talk to the storeowner and manager some questions that you might want to know. Although other business owners within your community may see you of a threat, and a competitor, talking to business owners from other places and community is ok. Most of the time, they’ll be happy to share with you some of their experience, and answer some questions.
Surf the web
Look around at the web, and surf your competitor’s website. With the technology nowadays, much information obtained is from the Internet. Use the most of it, and research on different business plans and strategies. Surf your competitors’ web sites, and see what the latest products, discounts, and news!
All business has competitors, it is important to know what to do with them, and how to be as up to date with them. Use them as a research tool, and your business will flourish.