Product & Service Offerings
Business Flexibility, Process (easy to do business)
Tuesday, May 1, 2012
Competitors and Customers…Grow and Sustain Your Business
Smart business owners not only know their competitors, but learn from them.
1. Why would a customer buy from you rather than one of your competitors? What makes you unique?
2. Print out the key webpage from each of your primary competitors, black-out who they are and put them on a page together. What’s different? Who is doing something really different?
3. A competitive analysis should include as many of your competitors as possible and should show:
· How your business is different and better with factors including: Quality, Service, Price/Value, Creativity, Flexibility, Knowledge, Innovation, Prestige
· Ways in which your business is the same as your competitors
· Strengths and Weaknesses of your competitors…how are they performing? Strong or weak and why.
· What are the pricing differences? Product and price comparisons should be assessed.
· How do competitors promote their business?
· Create a chart to capture your findings.
· What are the attributes of your current customers?
· Can you define your customer profile? Do you have multiple customer profile groups (customers that have similar attributes that can be grouped)?
· Define your “ideal” customer
· How does your customer profile(s) and definition of “ideal” customer compare to that of your competitors?
· What attracts customers to you … to your competition?
· What keeps customers coming back for more, and making referrals to you…how about your competition?
Debbie Winkler, Business Consultant
Idaho Small Business Development Center
Posted by Business Coach at 12:52 PM