Doug D’Anna’s latest ‘e-Wealth Daily’ article is titled “Your Competition Has the Key to Your Success”. [‘e-Wealth Daily’ Article]

Doug D’Anna’s latest ‘e-Wealth Daily’ article:

Your Competition Has the Key to Your Success

Most budding entrepreneurs curse the competition and see them as the only thing standing between them and ultimate success. But, truth be told, your competition can be a big asset when you’re starting out.

It can be a daunting task to research the market and determine how you’re going to run your business. However, if somebody else has already done the work, then you can use what they have already accomplished as a starting point for your business model.

Not sure how to price your products? Well, what does the competition charge? If they are successful, then obviously they’re doing something right, so why not take a look at their pricing? Not only do you not want to price too low and risk losing money, but you also want to know how high you can go with your pricing so that people will still pay. The competition already knows all about workable price ranges, so take their lead.

Use their strengths as a springboard and add your own unique skills to help your business rise above theirs. For instance, what services do they provide and what products are they selling? It will make your work a lot easier if you know what you need to provide your customers with in order to make money. If you know what elements are making your competition successful, then use that knowledge and copy their actions.

Also find out what they’re not selling. This is important, because you can potentially corner a market that they haven’t yet touched upon. Find out their reasons for not selling certain products before you go ahead with this. If you find that there is no reason why you cannot proceed, then go ahead and beat your competition to the punch.

Remember that competition breeds sales and this can be a good thing. Think about it this way: they already have customers, so you know that the business you’re thinking of can work. You know that there is a market for your product or service and that you can make money. Also keep in mind that customers want choices.

If there’s a new kid on the block, then customers will check out what they have to offer. If your prices are lower — and your customer service is better — then you can steal away the competition’s customers. Just remember to use the competition to your advantage by putting your own unique spin on their success.

e-Wealth Daily

About e-Wealth Daily

The e-Wealth Daily Bulletin brings you daily tips, advice and breaking news related to home businesses, small businesses and internet marketing. Our team of experts gives you the information you need to take your business pursuits to the most profitable level. Founded by Adrian Newman in 2003, the e-Wealth Daily Bulletin and www.ewealthdaily.com are a division of Lombardi Publishing with online newsletters reaching over 100,000 subscribers each month.

* IMNewsWatch would like to thank e-Wealth Daily for granting permission to reprint this article.

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