What you need to know about your competitors
Examine how your competitors do business, what they offer and how they treat their customers.
Monitor the way your competitors do business. Look at:
- the products or services they provide and how they market them to customers
- the prices they charge
- how they distribute and deliver
- the devices they employ to enhance customer loyalty and what backup service they offer
- their brand and design values
- whether they innovate - business methods as well as products
- their staff numbers and the calibre of staff that they attract
- how they use IT - for example, if they're technology-aware and offer a website and email
- who owns the business and what sort of person they are
- their media activities - check local newspapers, radio, television and any outdoor advertising
- their online presence - check online networking sites as well as their website
Their customers
Find out as much as possible about your competitors' customers, such as:
- who they are
- what products or services they buy
- what customers see as your competitors' strengths and weaknesses
- whether there are any long-standing customers
- if they've had an influx of customers recently
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