How To Perform A Profesional Analysis Of Your Competition
1. Play the role of the customer with money. Call the competition in your area and talk to a representative of the company and ask them questions as if you are a potential customer who is shopping around for information. You want to use the 5WH formula (who, what, where, when, why and how-see my other article on the power of the 5WH formula) to ask intelligent questions to get answers about the strength and weakness of your competition. One of the most important things you must accomplish is to get the organization to send you their complete sales or information package that describes their products and/or services. The reason this is so important is that their literature will save you a TON of time designing your own and re-thinking everything from the ground up.
Why reinvent the wheel? Just get a wheel! And the best way to do this is to get your competitors literature in your hands sooner rather than later. Your competitions literature will also speak volumes about their public image and give you an idea and general cost figure of what it will take to develop your own literature which will be used to compete against them in the market place. Make sure you pay attention to how phone calls are answered, processed and how fast the information you request is sent to you. Can you beat their communication systems and do it better? How do their business cards look? These little things will give you a tremendous amount of insight into your own strengths and weaknesses and help you determine if you can compete with them or not and whether you will compete on price or service.
2. Call competitors outside your area-you want to call business similar to yours in markets where you will not be considered a threat when asking questions. Calling into other states can be extremely beneficial when speaking to key-man personnel about their business. When you call long distance competitors, your approach should be more straight foreword and you should tell the business owner or manager that you are thinking of setting up a similar business in your area and you are interested in their advice. Most of the time business owners or managers are more than happy to give you their input about the ups and downs of the industry, the business as a whole and give you a TON of free information. Be careful to not spend to much time asking questions though, you want to limit your phone call to 10 or 15 minutes max. One way to be highly effective at these phone call inquiries is to have 10-20 questions pre-thought out and written on a piece of paper so you can go through them bang, bang, bang. This way, you look more professional and if you ever need to call again, they will recognize you are a pro and probably take your call. If you are an idiot on the call they probably won't take your calls again. The key is not to waste time.
3. Last but not least, you can do in-field competition analysis by either telemarketing to prospective customers and asking them if they are familiar with your competition, ever done business with them, etc. By doing this, you are also prequalifying potential customers who have not done business with your competition and you may discover an open door for a sale. Additionally, when you are out making sales calls, you can employ the same technology when talking to people and you can find out what they like or dislike about your competition. Once again, you may discover a door to a sale by identifying your point of differentiation with your competition.
I guarantee that if you try these techniques and hone your phone skills, your mailbox will be FULL of literature from businesses like the one you are thinking of starting.
Do you like this tip? You haven't seen anything yet! Check out our Smart Books Business products by clicking the link below. We have business kits, books and ebooks to help you get smart-fast. Check us out….we'll save you a TON of time and money.
Copyright © 2006 James W. Hart, IV All Rights Reserved
Related Tags: entrepreneur, business, start up, sales, research, winning, compete, competition, gorilla marketing
Be Smart, Visit SBS. click this link http://smart67.com
SBS, Where Smart People Get Smarter Faster...
SBS is an online information resource for individuals and business persons. Our focus is real estate and business information solutions through books, kits and ebooks. We also have free access to dedicated research center with quality links to help you get key information fast including a state-of-the-art news media center. Check us out now and learn how SBS can help you.
Dont's forget to rate this article below! By rating this article you can help Jim Hart better serve your needs for quality article content. Thank you!
Note: Promotional offers within articles are subject to change without notice.
Your Article Search Directory : Find in ArticlesRecent articles in this category:
- Strategic Planning Begins With a Mission Statement and a Vision Statement
A sure-fire way to start the success of your business strategic planning process is to identify th - Your Mission Statement and Vision Statement - Getting Your Message Out There
Congratulations. You have created your business mission and vision statements. They are clear, defi - Offshore Company Incorporation
An offshore corporation is the one which is incorporated in an overseas country in order to reap t - Risk Assessment and Management
Entrepreneurship is defined as set of different activities that consist the business development. - Making Money in an Economic Downturn
If you're a savvy business person, you understand that an economic downturn is precisely the time y - The Best Promotional Giveaways for Trade Shows: the Three C's
Participating in a trade show is an excellent way to give your business a high degree of exposure. - Writing a Business Plan
When it comes to writing a business plan you need to remember that it should focus on four separate - How to Register a Trademark - Employing the Services of a Trademark or Patent Lawyer
Innovations come up everyday and people are always bent on discovering something new and making it - How to Create the Perfect Survey
 DOPreserve anonymity. If the employees identities are tied to their responses, they may - Tired of That Tired Old Brochure?
"Brochures are one of the cornerstones of effective advertising, but not all brochures are equally
Most viewed articles in this category:
- How to Use Radionics to Help You Make the Right Business Decision
Remember what it was like to be in school? It may not have seemed like it at the time, but things w - Strategic Planning Before Grant Writing
People sign up for my grant writing workshops to learn to write grant proposals. I often find they h - The Balanced Scorecard
The Divide between Strategy Formulation & Strategy Execution The vast majority of the world's busin - Why Business Incentives Work
In 2005 General Motors launched a consumer incentive program after a few years of sluggish sales. Fr - Business Sellers - Beware of the C Corp Asset Sale
We recently completed a Merger and Acquisition engagement to sell our client to a large publicly tra - Helpful Hints to Implementing a Differentiation Strategy
I frequently get asked "how can I differentiate my product or service when there are a lot of compet - Change Happens - Anticipate It - Embrace It
Like everyone else, I have received countless emails with long lists extolling nostalgic virtues fro - Definite Goals And The Burning Ambition To Achieve Them: How To Be A Winner
Did you know that the vast majority of truly successful people in the world have clearly stated goal - Is Succession Planning in Your Future?
Until recently, many CEOs and companies in general had not thought much about succession planning. B - Strategic Alliances, Collaborating Through a New Window
Strategic alliances are commonplace today among organizations both large and small. The advantages a