10 Facts about Your Competitors Hamilton
Make sure you are asking yourself the right questions and gathering the right pieces of information. Read on and get more information about business competition.
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10 Facts about Your Competitors
Information is at the heart of any successful business. But make sure you are asking yourself the right questions and gathering the right pieces of information – especially when it comes to your competitors.
- How is their business performing overall, are they profitable?
- What products do they offer and what are the strengths and weaknesses of each of them?
- Who are their top customers and how do they manage them?
- What’s their core target market, is it growing or declining? If it is declining what are they doing about it?
- How much are they investing in new product development and what’s currently flavour of the month?
- What external factors effect them – for example the political situation, legislation, world events (e.g. global recession, the introduction of the Euro etc)
- Do they respect, fear, ridicule your business, or are they indifferent?
- Are they better, or worse, than you on the critical business success factors: product range, customer service, innovation, brand etc.
- How are they positioning and promoting themselves and their products?
- How much of a threat do they represent to you and in what way? What are you going to do about it?
Research Techniques and 4 Steps to Better Competitor Intelligence .
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