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.

Product & Service Offerings
Business Flexibility, Process (easy to do business)
Customer Service

Customer Analysis
·         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?

Template by:
Debbie Winkler, Business Consultant
Idaho Small Business Development Center

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