The success of you business depends on the quality of your product or service, but at the same time you need to consider how this quality compares with that of your competitors. In order to answer this question, one needs to know who your competitors are and how you measure up against them.
Identifying the Competition
The competition is any company or individual providing similar goods or services as you. This can include businesses within your locality or internet businesses as long as they can deliver the goods or services to the same target customers. If it is possible you may, or maybe ask a friend to visit your competitors and maybe pick up some literature for example a brochure. If there are business events being held, it is a good idea to go along, as you may meet competitors. Remember they are not your enemies, be friendly and try to discuss common problems with them.
How do you Compare
Once you have identified the competition, you need to establish how you compare. By evaluating critical areas for example pricing, methods of delivery, opening times and then rating them, you can identify potential ways in which you could improve your products or services. At the same time you may identify points in which you are ahead of the game, and can widen even further the gap.
A crucial factor is the customer. Speak to them, and ask them how they feel that you compare with others. At the same tie use your own judgement with their responses, as they may be say that you are over-priced, but in fact they are trying to get a better deal form you. Suppliers may also be able to provide useful information, as to what other providers are buying.
A key point to remember when applying changes to your business is not to imitate others. You will not gain anything from this; the idea is to improve your product or service not to copy. This brings us on to intellectual right. It is important to carry out the appropriate checks on patents and copyrights before venturing new ideas; you may not have the right to reproduce a product if another business has protected an idea through these means.
In today’s market, things change vastly in small periods of time so it is essential that that you are open to new ideas and are able to change strategies and approaches as necessary.
if you are interested in writing a business blog then get a blog by clicking on the link.
Identifying the Competition
The competition is any company or individual providing similar goods or services as you. This can include businesses within your locality or internet businesses as long as they can deliver the goods or services to the same target customers. If it is possible you may, or maybe ask a friend to visit your competitors and maybe pick up some literature for example a brochure. If there are business events being held, it is a good idea to go along, as you may meet competitors. Remember they are not your enemies, be friendly and try to discuss common problems with them.
How do you Compare
Once you have identified the competition, you need to establish how you compare. By evaluating critical areas for example pricing, methods of delivery, opening times and then rating them, you can identify potential ways in which you could improve your products or services. At the same time you may identify points in which you are ahead of the game, and can widen even further the gap.
A crucial factor is the customer. Speak to them, and ask them how they feel that you compare with others. At the same tie use your own judgement with their responses, as they may be say that you are over-priced, but in fact they are trying to get a better deal form you. Suppliers may also be able to provide useful information, as to what other providers are buying.
A key point to remember when applying changes to your business is not to imitate others. You will not gain anything from this; the idea is to improve your product or service not to copy. This brings us on to intellectual right. It is important to carry out the appropriate checks on patents and copyrights before venturing new ideas; you may not have the right to reproduce a product if another business has protected an idea through these means.
In today’s market, things change vastly in small periods of time so it is essential that that you are open to new ideas and are able to change strategies and approaches as necessary.
if you are interested in writing a business blog then get a blog by clicking on the link.
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