If you don’t want to get kicked out of the market fast, it is safe to watch your business competitors closely. But if you don’t know them, the question “who are my competitors?” may come to your mind.
Fortunately, you are going to discover how to identify your competitors using certain tips discussed below.
If you don’t know who you really are, where you are and where you are headed, chances of finding your competitors become slim. Ascertain the industry your business falls. Is it the financial, entertainment, fashion, food, health, mobile industry? Even these industries have niches, so don’t stop your research there. Go further by getting to know who your niche competitors are, it’ll help you shrink the long list and get the most vital information you require.
There is virtually nothing on the internet that big search engines like Google won’t dig out for you. And the truth is, just as you try to promote and market your business to reach more potential customer via the internet, your competitors also do the same. So rest assured that they have readily given detailed information about what they sell or the service they provide, hence making it easy for Google to trace them. Simply search Google using the appropriate keywords.
Take it or leave it, this is one amazing tip for conducting competitive analysis and how to get competitor pricing. You are most likely not the first in this business and neither will you be the last. So be certain that customers have real information about your competitors, what they offer, why they choose you over them, what they do that they think you should also do, among many other information. It is, in fact, one of the best and cheapest ways to know your competitors.
One effective method of how to identify competitors for a small business is to reach out to suppliers. If you are in an industry that requires suppliers of certain products, chances are they also work with your competitors. Have a good conversation with your suppliers; let them give you information about your competitors. Although your supplier will not give you confidential information, but be sure that you’ll get to know more about them and some manners they operate their business.
This is one effective place to not only find the businesses that are trying to steal your customers, but to also find out the tricks and marketing tactics they apply. You’ll get to know the measures they are taking to attract and engage people, the latest trend in your industry, mistakes to avoid and necessary steps to take.
This is a bonus tip on how to get to know more about your competitors after you have identified them. Call them up! Get in touch and, if need be, do business with them as a buyer. You’d be surprised at how easy it is to get to find out whatever you want to know about.