Get In Touch With Your Competition © 2004Sonia Colon We all know that competition is an ugly word but competitors are a fact of life in business. If your business cant compete with other businesses, dont start it. You have to have some type of an edge. You may have an excellent product or service, but if everyone else is selling a product or service similar to yours, just how much of the market can you expect to capture You will have to learn everything there is to know about your competition and understand their marketing strategies. The best way to research your competition is to locate those you consider the largest threat to your potential business. Take the time to make a note of and acquire a feel for how your competitors deals with their customers, then answer these questions: What appeals to you most about their website, introduction, setup etc. How large of an inventory do they carry Are their products display eye-catching What is their Alexa, Google, Yahoo, and AOL ranking Are their testimonials positive Are their prices in line and competitive with yours What do they offer that you could not Do they offer discounts Do they offer a return policy Do they offer any special services, such as free delivery Which areas could do with some improvement and could you improve in these areas Do they keep their online store up-to-date What means of promotion do they use flyers, coupons, free gifts, etc. Next, create a profile of each main competitor. Know how they advertise, why their customers shop there, what areas need improving, and how successfully you can expect to compete with them. You may also develop ideas for improving and promoting your own business. Your success will lie in assessing and understanding your competitors strengths and weaknesses. Evaluate and compare your own strengths and weaknesses to stay in touch with the competition and succeed in your business.
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