You Choose Competition

To recognize the strengths of your own business, you must understand your struggle and you’re positioning. Who competes with you for your customers’ time and money? Are they directly selling competitive products and services, substitutes, or possible substitutes? What are their strengths and weaknesses? How are they placed in the market?
That's why it's exceptionally important to keep a close eye on what your competitors are doing. You can keep up with the competitors by following these six easy steps. This will give you the leading boundary over your competition and increase your customers and profits! A good competitive analysis varies according to what industry you’re in and your specific marketing plan and situation. A comprehensive competitive analysis does have some common themes.
Begin by explaining the general nature of competition in your type of business, and how customers seem to choose one provider over another. What might make customers decide? Price or billing rates, reputation, or image and visibility? Are brand names important? How influential is word of mouth in providing long-term satisfied customers?
Compare your product or service in the light of those factors of competition. How do you stack up against the others? For example:
• As a travel agent, your agency might offer better airline ticketing than others, or perhaps it is located next to a major university and caters to student traffic. Other travel agents might offer better service, better selection, or better connections.
• The computer you sell is faster and better, or perhaps comes in fruity colors. Other computers offer better price or service.
• Your graphic design business might be mid-range in price, but well known for proficiency in creative technical skills.
• Your automobile is safer, or faster, or more economical.
• Your management consulting business is a one-person home office business, but enjoys excellent relationships with major personal computer manufacturers who call on you for work in a vertical market in which you specialize.