Top business entrepreneurs know their enemy well! See more about sounding out the completion and what you should know about them on www.entreper.com, where Britains greatest success stories talk about this vital point.
Youll need to know exactly what consumers say about rival firms or products and scouring the internet and social media sites is a quick way to do this. Make sure you are on any internet news feed that may throw up valuable information in the press about competitors and Google Alerts will help you to do this.
Business tycoons always say that word of mouth is the best and simplest way of researching their rivals. They also say its as simple as saying to your customer over the phone and asking did you think that such and such a company offered you a better service, please be honest, Id like to know what I can do to offer you more.
Watch your competitors marketing and branding strategy and find out more about this on www.enterper.com where youll learn about the sharp surveillance tactics of successful businesses. There is no harm in getting hold of a rival companys promotional literature and sifting through it to see if you can fill a gap in the market or design better publicity or a more attractive website for your own products.
Check if theyve got special deals on or if they throw in free samples as incentives and then consider what you can do to either match this or hopefully, for you are rivals for customers money after all, surpass it.
Successful entrepreneurs are good at fishing for information and they often stress the value of this as youll see from high flyers comments on www.entreper.com where sharp eyed business folk talk about spotting opportunities. Who knows, your rivals
may have a price list on their website or you may discover through your research that they have a great supplier who might help you if they are not exclusively committed to servicing your competitor company.
Remember that knowledge of your competitors can trigger creative thinking as to how you can offer something they dont and outshine them.