If you take your business seriously, you also need to take your competition
seriously. From pricing, to marketing, to solving the challenges unique to your
field, itʼs important to know what similar businesses are doing to get ahead and
where you stand within your marketʼs hierarchy. If youʼre having trouble sneaking
a peak at your competitors, consider the following tactics.
1. The Internet – The absolute easiest way to scope your competition is by
viewing their website. By visiting their site, youʼll view them as a customer
would and get a feel not just for what they offer, but the manner in which
they do it. Likewise, by searching keywords relevant to both your business
(i.e. Atlanta landscaping), you may find additional competitors to learn
from. This will raises awareness of your marketing, and also how each
organization markets themselves.
2. Customer opinion – The web is also a great place to gauge customer
opinion and reaction to your competition. Such evidence is key to
understanding what youʼre up against. You might know what other
companies offer on paper, but the actual experience of working with that
company is more difficult—and more critical—to understand.
3. Reception – Thereʼs no rule that says you have to stalk your competition
from afar. Why not get to know them? Itʼs to your advantage, and theirs, to
have relationships for referrals and for borrowed resources. Host an event
or dialogue where the players in your field can network. This allows you to
gain insight on other companies while also promoting your own.
4. Value, Not Price – Price alone should not be the only distinction between
you and other companies. For some products, prices can only go so low
before the margins start to suffer. Instead, compare the value of your
offerings to other businesses rather than the price alone.
5. Keep Going—Peer research is all about staying current, which is an
ongoing effort. Keep your eyes open and use these suggestions to stay
informed.