Know Your Competition!

know your competition

How Do You Measure Up To Your Competitors?

Who do your clients and prospects prefer?

Let’s face it… a free-enterprise based economy provides the environment for a number of businesses to exist within the same industry. Take a look at fast food hamburger joints as just one example. There are multiple choices, yet all of them have carved out their niche.

As entrepreneurs and business owners, we should not fear competition. Competition is what makes us focus our business on our specific target market, and drives us to do better for them.

As consumers of product, we are all familiar with what happens when a monopoly exists; often, we end up with higher prices and substandard service. And although we may dream of cornering the market in our given business sector, competition is healthy and keeps us always working to provide the best customer service and to keep current with trends and improvements within our industries.

Reviewing and improving our businesses is key to ensuring our long-term growth and sustainability.  Reaching out to your clients and prospects is the best way to gauge how your business is viewed.

The following seven questions should help you determine how you measure up to your competitors:

1. If your clients and prospects are familiar with other businesses providing the same products or services as yours, which do they prefer?

2. What is it that makes them prefer one company over the other?

3. What company do they believe does the better job of explaining the product or service offerings in a clear, concise way?

4. Which company does a better job of convincing the client or prospect to convert?

5. What is it that people like or dislike about your top competitor’s newest product or service?

6. What would convince them to switch to your company?

7. What is it that you are doing that might convince your current customers to switch to one of your competitors?

Keep this list handy and refer to it often. Consider polling your clients on these questions at least once a year to ensure that you are continuing to provide the types of products and services that keeps them in engaged with your company.

Competition is not the enemy; becoming complacent in your business, is!

Until next time…

Are you ready to grow your business now? If you’re ready to take the next step and make your business more profitable, contact us today.

If you like the information you are receiving, please consider forwarding this post.