Competition is an ugly word. Competitors are a fact of
life. If your business can't compete with other businesses,
don't 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 similar product/service,
just how much of the market can you expect to capture?
You will have to get to know everything there is to know
about your competition and keep up to date with their
marketing strategies.
The best way to research your competition is to locate
those you consider the largest threat to your potential
business. Then, take time to note and acquire a feel for
how the competition deals with its customers. Answer
the following questions:
What appeals to you most about their website, introduction,
set up 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?
(e.g. coupons, flyers, free gifts, etc.)
You should then be able to build a profile
of each main competitor and know how
they advertise, why customers shop there,
what areas need improving and how successfully
you can compete with them. You may also
find further ideas for improving and promoting
your own business. Your success will lie in
knowing and assessing your competitor's
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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About the Author:
Sonia Colon owns and operates Jimson Products.
She is also a writer & publisher of "My Jimson Products Ezine".
Subscribe by visiting her site at http://www.jimsonproducts.com.
Sonia Colon is also a Senior Independent Candle Consultant
Visit: http://www.shopaffordableluxuries.us/scolon
to join her team that offer an extremely generous financial
rewards program.!
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