Why Is It Important?

This is important because your competitors are in your marketplace and you will no doubt come up against their propositions when you take your service to market. It is useful to understand exactly what they are offering to see whether there is anything you could learn about and/or do better or differently.

Your Challenge

Your challenge will be to find out. It takes time to study your competitors and it needs to be done in a systematic way to get the best out of the exercise.

How To Check Out Your Competition

You can be a real customer. You can visit their premises and read their advertising and promotional literature. You can visit their websites. You can subscribe to their newsletters. You can call in as a mystery shopper.

Evaluating Your Competition – Special Response Checklist

These are the questions you need answers to:

• Who do you consider a competitor?
• What are they selling?
• How do they position themselves?
• What is their unique selling proposition?
• What is their competitive edge?
• How much do they charge?
• What marketing literature do they use – what is it like?
• Where are the weaknesses?
• What is their website like?
• What are they not offering that you could?
• What questions would you like to ask as a potential customer?
• Would you use this product or service?

 

How To Use This Information

A useful way to summarise this information and compare notes at a glance is to create a spreadsheet and compare like with like.*

16 Learning From Others In Your Marketplace

All successful business owners have been through a learning curve to enable them to get to where they are now. You may be just about to start that journey. There are many sources of learning for you if you know where to look and are prepared to go out there and ask for the information you need.

Who Can You Learn From?

Depending on what you want to know the sources are endless.

Role Models

Find a number of potential role models, people who are currently doing exactly what you want to do and doing it well. When I wanted to get a book publishing opportunity I asked a number of published authors about their experiences and how they went about getting a book deal. I am now doing the same for other information products that I wish to produce. Model the best.

Real-Life Experiences

Read books about the ‘real story’ behind businesses that have achieved phenomenal success in the marketplace. Most you will find started from humble beginnings. Read about Sahar and Bobby Hashemi in their book Anyone Can Do It – Building Coffee Republic From Our Kitchen Table, Richard Branson and Virgin and Anita Roddick and The Body Shop.

Entrepreneurs

Do you know any entrepreneurs? They make their ideas happen. Most entrepreneurs you will find have had a number of failed experiences before their big break took place.

Marketers And Specialists

What about successful marketers who will also have plenty to share? These are specialists in the particular areas of expertise that you know you need to make your business a success.

Other Business Owners

Somewhere in the country there will be other businesses just like yours which are successful. They may be willing to share their secrets with you as long as they see that you are not a competitor. Many people like to help.

The Media

There are marketing ideas around you everywhere you go. Notice what has an impact on you. Could you adapt that idea in any way to work for your business?

What Can You Learn?

You will need to be clear about what it is that you need to learn before you embark on your quest. Here are some suggestions.

• Systems and methods.
• Problems that you might come up against and how others found a way through.
• Marketing ideas.
• Typical mistakes to avoid.
• Suppliers of services you need to make your business a success.