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How Do you - Check Out Your Competition
It is important for you to know what your competitors are up to. You have to be familiar with what the “enemy” is up to.
If you are starting a new business you will need to find out at the start, before you open your doors, whether there is room in the market for you to be successful. i.e. You need to identify if there is a niche for you to fill.
This will involve a little research and some friendly spying on your part. If you are unable to do it yourself, instruct a research firm to investigate for you.
If you intend to do your own research, here are some tips:
- Identify your competitors:
By name, address, telephone numbers, etc and find out whether they have a web site, and whether they conduct business online. This is available in the Yellow Pages and Business Directories, as well as research magazines and industry business publications. Some of these publications are available at your local library. Try and calculate the firms that you have lost sales to. Ask around the industry, or ask employees who have worked in the industry about your competitors and how successful they are.
- Make up a sched...
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