Elaborate the various methods of determining competitors.
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✔someone may have a more user-friendly website or offer the same product at a lower price. After you have identified your competitors, you must stay current on their offers and products, in order to stay competitive in your business.
♐Take stock of your primary products or services. You will compete for consumers with other companies on these products. List the products in a column on a spreadsheet and piece of paper. While you may have some tangential products or services that boost your sales, you are not in competition with other companies that sell those.
✔For example, you may include complimentary key chains with your company name in every order of t-shirts you ship. This is a nice bonus for the customer, but it doesn’t put you in competition with office supply stores.
More generally, let’s say you have a pizza restaurant. You sell pasta, but this is a very small portion of your profits. Pizza is where you make most of your money. You are not in competition with Italian restaurants that specialize in pasta dishes, but other pizza restaurants instead.
♐Find companies that sell that product or offer that service. Pretend you are a consumer. Search for those products or services using a phone book, an internet search on more than one major search engine, on online marketplaces, and through social media sites. Write five to 10 names of competing businesses in the rows on your paper or spreadsheet. Even if you deal primarily in local business, anyone who sells a product is in competition with internet sellers.
♐Identify your competition. The kind of product or service you offer determines who your competitors are. This is divided into your industry, market and strategic group.
✔You should also consider your demographic or geographic market. Your demographic market is made up of people of different ages, socioeconomic classes, and genders. Your geographic market is made up of people from different cities, states, regions, and countries.[1]
♐Do word-of-mouth market research. Ask consumers in your area as well as your own customers who they buy from or which services they use. Word-of-mouth is often the best way to tell the success of other businesses. Ask friends and family, and then consider employing a market research firm to survey a wide array of people.
This may reveal customers’ logic behind choosing your product or service in one situation, and someone else’s in another. For example, you may find that customers prefer your pizza restaurant for a nice, family experience. They may, on the other hand, prefer another pizza chain when they have the late night munchies.
♐Do a simple survey. It is important to survey not only your customers, but your competitors'. Try to get a list of your competitors' customers, even a partial list is great. ✔Asking your competitors' customers instead of yours shows you why people chose others' products or services over your own. It also shows you what you can focus on in marketing to win over new customers. There are a few main areas to craft surveys around:
⚫Customer satisfaction
⚫Competitor's performance
⚫Customers' expectations and desire
♐Take stock of your primary products or services. You will compete for consumers with other companies on these products. List the products in a column on a spreadsheet and piece of paper. While you may have some tangential products or services that boost your sales, you are not in competition with other companies that sell those.
✔For example, you may include complimentary key chains with your company name in every order of t-shirts you ship. This is a nice bonus for the customer, but it doesn’t put you in competition with office supply stores.
More generally, let’s say you have a pizza restaurant. You sell pasta, but this is a very small portion of your profits. Pizza is where you make most of your money. You are not in competition with Italian restaurants that specialize in pasta dishes, but other pizza restaurants instead.
♐Find companies that sell that product or offer that service. Pretend you are a consumer. Search for those products or services using a phone book, an internet search on more than one major search engine, on online marketplaces, and through social media sites. Write five to 10 names of competing businesses in the rows on your paper or spreadsheet. Even if you deal primarily in local business, anyone who sells a product is in competition with internet sellers.
♐Identify your competition. The kind of product or service you offer determines who your competitors are. This is divided into your industry, market and strategic group.
✔You should also consider your demographic or geographic market. Your demographic market is made up of people of different ages, socioeconomic classes, and genders. Your geographic market is made up of people from different cities, states, regions, and countries.[1]
♐Do word-of-mouth market research. Ask consumers in your area as well as your own customers who they buy from or which services they use. Word-of-mouth is often the best way to tell the success of other businesses. Ask friends and family, and then consider employing a market research firm to survey a wide array of people.
This may reveal customers’ logic behind choosing your product or service in one situation, and someone else’s in another. For example, you may find that customers prefer your pizza restaurant for a nice, family experience. They may, on the other hand, prefer another pizza chain when they have the late night munchies.
♐Do a simple survey. It is important to survey not only your customers, but your competitors'. Try to get a list of your competitors' customers, even a partial list is great. ✔Asking your competitors' customers instead of yours shows you why people chose others' products or services over your own. It also shows you what you can focus on in marketing to win over new customers. There are a few main areas to craft surveys around:
⚫Customer satisfaction
⚫Competitor's performance
⚫Customers' expectations and desire
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