Not knowing who your competitors are can be dangerous for any sole trader or small business.
You need to know them well, what they offer and what is different about them that may be drawing potential customers/clients from you to them.
How to find out who your competitors are
- Yellow pages, True Local and other online directories
- Local paper directories and ads
- Going for a walk around the area (or drive)
- Asking around, even asking your clients
- Google for words relating to your business to see who comes up at the top (Take note also of the advertised lists on the right, your competitors have paid for these spots)
What do they offer and how do you match up?
- Visit websites and make phone calls to find out what they offer and their prices
- Do they run regular specials?
- Do they target a particular market? Females, seniors etc
- More importantly, find out what they offer that you don’t
- Try them out
- Buy their product or service
- Get a free quote
- Visit their stores
- What is their customer service like?
- What is their turnaround time when contacted?
Once you have collected all this information, put it in a folder and then see how your business compares. What can YOU offer that is different? Do you need to focus on a particular area that is more popular?
Then make sure you keep an eye out every month, do a quick refresh of the above steps to keep on top of what your competitors are doing so you don’t fall behind.
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