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Researching the Competition

Welcome to another of my regular blogs giving hints and tips on marketing that I have picked up over the last 30 years, carrying out marketing for large “blue chip” companies as well as numerous smaller companies across a wide range of industries.

When you start out on a new business venture, one of the most important things you can do (as well as ensuring that there is a market for your product!) is to research the competition.

When we pick up a new client I always check out the competition to make sure that what we say in the promotional material will be more appealing than the competition. It is also vitally important for the more established companies to keep tabs on what the opposition is doing.

When was the last time you had a concerted effort to have a look at what your competitors are doing? is their website better than yours? Are they running with a great set of promotional offers?

The majority of the big corporate companies employ mystery shoppers to keep a constant eye on the competition plus also check out their own business to ensure they keep one step ahead. There are some great mystery shopper companies that will do that for you or you can do it yourself but make sure you do it regularly.

We recently started working for a bathroom and kitchen retailer and one of the first things I did was find out who the main competition was and visit them as a potential customer. The results staggered me – if I was blindfolded I could have been in any of the shops, the offerings were so similar.

This was great news, it meant that it was very easy to make my client company very different, and better, than the competition. But I’m also pretty sure that the competition will catch up as soon as they see they are being outshone, so my client will have to keep on his toes to keep one step ahead – it’s what business is all about.

I hope you have found this particular subject interesting and can introduce it to your company (unless you’ve already done it!). Look out for my next blog but in the meantime please click here to contact us or call us on 01424 813412.