Who is my Competitor? Understanding your competition?
As an owner you should always know who your competitors are and what are their weaknesses, offerings, products etc. Apart from knowing about your customer , knowing your competitor helps you to devise a strategy to stay ahead of the competition.
Knowing who your competitors are, and what they are offering, can help you improve your products, services and marketing. It will enable you to set your prices competitively and help you to respond to rival marketing campaigns with your own initiatives.
You can use this knowledge to create strategies that take advantage of your competitors’ weaknesses, and improve your own business performance. You can also access any threats posed by both new entrants to your market and current competitors. This knowledge will help you to be realistic about how successful you can be.
Every business faces competition. Competition can be in any form, Direct or Indirect. The main basis of competition is to provide offering of a product or a substitute which takes away sales from your business. In order to survive in a market were companies are competing across the globe, it becomes really important to know about your competitors.
- Who are my top three competitors?
- What is my competitive advantage?
- Range of products on offer?
- Direct /Indirect Competiton
- How long have they been in business?
- What are their positive & negative attributes in the eyes of customers?
- Who are their long-standing customer
- How do they distribute & deliver
- What is their competitive advantage
- Online Presence
- What are their pricing structures?
- Do they operate in the same geographic area?
- Have there been any changes in their targeted market segments?
- What is their size? Revenues?
- What is their percentage of market share?
- What is their total sales volume?
- What is their growth rate?
- How do they rate on:
- customer service?
- quality of product/service?
- hours of operations?
- pricing, incentives?