Chapter 2 - Finding the Business and Products That Suit You AND Your Customer
Business Competition - What You Don't Know CAN Hurt You!
Understanding Business Competition is understanding your own business:
Finding out what your business competition does right, as well as what it does wrong, what they charge, and what they feel is the next big trend in the business will give your business a significant boost.
The good news is that finding this information is not difficult or expensive.
Searching Is "Virtually" Painless
The easiest place to begin your research is by looking at your competition's website, which will tell you:
- Who they are
- Their brand
- Background information on officers and directors
- Financial information
- Their customer base
After looking at your competition's website, you can then search for the company through a search engine using keywords, such as:
- The company's name
- The owner's name
- Product names
You may also want to check and see if the company has a profile at Web sites for Hoovers and Dun & Bradstreet. This is the main source for business credit reports.
Doing a Little Legwork
Once you have done your online research, it is time to take it offline and get to know your business competition in person.
Of course, this is not possible for online stores, but for brick and mortar shops, it is a real necessity. While in a competitor's store, you will want to look at:
- What do you like and dislike?
- How busy is it?
- What are they doing right?
- What are they doing wrong?
- What do they charge?
You may also want to have a friend go to your business competition and become a customer.
This will help you understand their customer service and pricing. You may also want to consider talking to the competition's customers.
 Finally, a place to find out more about your competition is an industry trade show.
This would put you in direct contact with customers and suppliers. If your competitors have booths, you will be able to read t heir materials and speak with those representing the company.
Once you've gathered the research on your competitors, you need to look at how your competition communicates their product offerings to their customers.
What Are Their Key Promises and How Can Yours Differ?
It is up to you to find your unique way to put your products or services out their to attract customers in a way that will differentiate yourself from your business competition. To find the answer, consider the products or services you sell as well as things like a higher level of customer service or free next-day shipping.
There is no shortage of valuable, inexpensive ways to research your competition. The important things are to take advantage of them and then use the information to make your business even better.
See Also:
Understanding Your Competition
What's Next
Next In This Guide
 Forming a Sole Proprietorship -
An Easy Way to Get Your Business Organized - There are many different forms your business can take. The sole proprietorship is one of the most common forms. As with any business decision, being a sole proprietor has distinct advantages and disadvantages.
Previous In This guide
 Products To Sell - The Key Lies In What The Consumer Wants - People never change. They will always have the same basic desires. Products to sell are only products and services people want. If you're trying to market something people don't want you will fail.
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