Know your competitors part 1

By | November 4, 2014

The previous post discussed the need to know more about your ideal customer.  In this, and the following post, we will look at another key area for research – your competitors.

Most businesses fail to take any action over understanding the competition in their market area.  Do you know the companies that are your main competitors?  How long have they been in business?  What do they offer that might tempt away your customers?

A key reason for a better understanding of your competitors is to look for gaps in the market.  Look at their products and see if they match your own.  Maybe they do some of the same things but better.  If so, you need to look at your product set.  How do they rank for customer service?  Could you deliver the same product faster. How do they compare on price?  Maybe you are under-priding your products and services.

Creative market is more that just a good understanding f your customers.

 

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