Do you know your competition … Because they know you!

To succeed, you must know the market you are a part of. Part of that market is your competition. Do you truly know how you stack up against them? Knowing your competition should be a key ingredient of your market strategy. Most think of “knowing” their competition simply as “I sell x tire for this price and they sell the same tire for that price.” While price shopping is necessary, it should only be a portion of your overall strategy. Below are some questions to ask yourself before you feel comfortable that you “know” your competition.

• What services are offered by your competitors that you don’t offer? Are you and your employees as well qualified to serve as specialists or customer problem-solvers as your competitor?
• How does your competitor treat their customers? Is their service prompt and efficient?
• Does your competitor accept methods of payment that you do not accept like debit or credit cards?
• Can you answer questions about your competitor’s products and services knowledgeably and objectively?
• Who keeps more complete records on each customer, you or your competitor?
• Do you mail a thank-you letter or send an email after each sales call, whether or not a sale was made? Does your competitor?
• What equipment does your competitor use that is better than yours?
• As you watch the product display of your competitor, do the products seem to be moving?
• How soon are those products marked down or moved to the sales table?
• How many times has your competitors name been in newspapers and other local advertisements the last three months? How many of those times have been free publicity such as announcements, promotions, seminars, sponsorships, donations, etc? How many times has your name been published for these reasons?

Let me conclude with the following quote …

“If you’re attacking your market from multiple positions and your competition isn’t, you have all the advantage and it will show up in your increased success and income.”

- Jay Abraham