Finding your Competition, and Beating Them at their own Game
Competitor analysis is vital for every business. Who could compete with you for your customer base? It’s an excellent idea to do a thorough analysis of possible competitors before you go further in your venture. Search the web, online forums, phone books, your chamber of commerce, and ask everyone you know (and some you don’t). Find out who’s out there, what their strategy is, and why your business will succeed alongside your competition (or put them out of business). Remember that for some types of businesses, competitors don’t have to be located in the same city, state, or even country to take customers away from you.
I like to break down competitors into 3 different categories:
Level 1 Competitors - These are people doing almost exactly the same thing you’re doing. If you’re running a flower shop on Oak Street, these are the guys 15 blocks down on Maple. You both might have your own specialty arrangements or selection, but if you’re both ‘flower shops’ they are considered Read more…