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What you need to know about your competitors

By Shirley Crawford,2014-10-22 19:38
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Monitor the way your competitors do business

    What you need to know about your competitors Monitor the way your competitors do business. Look at:

    ; the products or services they provide and how they market them to

    customers

    ; the prices they charge

    ; how they distribute and deliver

    ; the devices they employ to enhance customer loyalty and what

    back-up service they offer

    ; their brand and design values

    ; whether they innovate - business methods as well as products ; their staff numbers and the caliber of staff that they attract ; how they use IT - for example, if they're technology-aware and

    offer a website and email

    ; who owns the business and what sort of person they are ; their media activities - check local newspapers, radio, television

    and any outdoor advertising

    ; their online presence - check online networking sites as well as

    their website

    Their customers

    Find out as much as possible about your competitors' customers, such as:

    ; who they are

    ; what products or services they buy

    ; what customers see as your competitors' strengths and

    weaknesses

    ; whether there are any long-standing customers

    ; if they've had an influx of customers recently

    What they're planning to do

    Try to go beyond what's happening now by investigating your competitors' business strategies, for example:

    ; what types of customer they're targeting

    ; what new products they're developing

    ; what financial resources they have

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