Know your competitors part 2

By | November 18, 2014

In the previous post, we looked at some reasons to understand how your competitors are working in your market.  this time, we will consider some specific questions you should be asking about your competition.

  • What product or service are they offering which competes with your offering?
  • Do they have a different of better way of addressing the needs of the customer?
  • What is their market share?
  • What is their turnover?
  • Are they growing or shrinking?
  • What is the market view of their level of customer service?  Is yours better?
  • how easy is it to do business with them?  Do they have order phone lines or an easy use web site?
  • Why would a customer buy from you rather than them?

Of course, you need to keep these details updated regularly, particularly as competitors develop new and improve ways of doing business.

Your aim is always to be the best in the market, so you need to understand the market to achieve this goal.  Remember that while price is always a factor in a purchasing decision, quality will often lead buyers to the product which looks more expensive initially.

 

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