Do you Know your Competitors?
It goes without saying - if you are in business you need to know your competitors. Knowing your competitors should be a key ingredient to your marketing strategy. For your business to be successful, knowing the market, including your competition, (whether direct or indirect competition) is a critical requirement.
Direct competition means a business is offering the same product or service as your business, in the same market. Indirect competition is a business who is offering the same product or service you offer, but in a different market.
Make sure you research every bit of information about your competitors. This will give you an edge that will be beneficial to your customers and to your profitability and therefore to the success of your business.
Some questions to ask include:
- What does the competitor offer in the way of services?
- Who are your competitor's customers?
- Is your competitor's service prompt and efficient?
- How does their company image compare to yours?
- Does your c...
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