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Competitors Research:All Reasons Why Small Business Needs it

Description: Operating a small business is a rewarding but challenging endeavour. Unfortunately, many business owners are simply trying to keep their heads above water and therefore don't engage in any competitive research. And yet competitive research is one of the keys to staying nimble, creative, and prepared to capitalize on business opportunities. According to Rieva Lesonsky, an American business consultant and blogger, small businesses looking to expand into new markets or improve their business practices should follow a simple procedure in order to gain a competitive edge and stimulate their critical thinking and creative skills:

1) Compile a list of your competitors and then answer the following questions: Where are my competitors (Online? Down the street? Abroad?)? Where do they sell? What do they sell? How do their price their product? Do they offer discounts? How profitable are they? How do their profit margins compare to the industry average? What is their branding or marketing strategy? What are their overhead costs? How are they staffed?

2) Get connected to your trade association. While this won't give you competitive information on specific companies, it will help you get a sense of your industry's best practices, industry standards and data on industry revenues.

3) Set up a Google search alert to track online mentions of your key competitors. Track Facebook pages and Twitter accounts to keep up on what your competitors are doing and try to automate this process as much as possible.

4) Assess where your competition is weak and then do something about it!
But how can a start-up follow Lesonsky’s advice without spending a fortune in research? The answer, as always these days, can easily be found online: small business owners can now find Companies House information at Duedil.com and get to know everything about their competition and suppliers alike. This service, which offers financial and legal data about more than 8 million UK businesses, is now easily the go-to option to do much of the legwork involved in keeping on top of the competition.
 
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Author: ijoludi from Denmark  Posting reviewed by: 594 users
Country of business: whole world Published on: 01 October 2012
Region of business: any Posting ID: 3901
Business Sector: consulting services Image: Not available
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business consulting
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Competitors Research:All Reasons Why Small Business Needs it  by ijoludi , 01/10/2012 , 594, 3 Credits needed to contact the author
Competitors Research:All Reasons Why Small Business Needs it  by ogyfyma , 17/12/2012 , 172, 3 Credits needed to contact the author
Competitors Research:All Reasons Why Small Business Needs it  by ypavowy , 18/10/2012 , 105, 3 Credits needed to contact the author

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