‘Why You Should Keep a Watchful Eye on Your Competition’ by Adrian Newman
Adrian Newman’s latest ‘e-Wealth Daily’ article in ‘Weekend Success Bulletin’ is titled “Why You Should Keep a Watchful Eye on Your Competition”. [Adrian Newman’s Article]
Adrian Newman’s latest ‘e-Wealth Daily’ article:
Why You Should Keep a Watchful Eye on Your Competition
Your competition isn’t just what stands between you and millions of dollars. It can also be one of your best resources to help you become more profitable down the road.
Learning what your competition is doing and what they are lacking can save you a lot of effort with market research, and can keep you in the competitive mix. You can benefit a great deal by knowing what the other person is charging and offering. You need to keep up with the competition at the very least; but, to succeed, you need to rise above them, and the proper research can be the key.
For instance, if you are on the Internet, then you have a wealth of knowledge at your fingertips. As much as you might think the Web is for online poker and jokes of the day, the Internet is actually there for information. We live in a great age for business, because information is readily available.
You can search for your competition through industry associations, which often list all their members, as well as through directory sites like YellowPages.com, which is an online phone book that you can search by state and category.
When you get yourself a list of the competition near and far, search their individual web sites for relevant information. When doing so, I want you to be objective. So, look for the good, the bad, and the ugly (as might be the case for the web site itself).
Look for things like:
— How they are pricing their products/services
— What products/services they are offering
— Special offers and discounts
— Who they serve
— What they lack and how you can fill that gap
— What you lack and how you can use their ideas for your own business
–The image they are projecting to the customer; look at the name, logo, slogan, etc.
— Their customer service
Don’t forget to look at the actual web sites, because, if you haven’t already, you need to start thinking about getting a web site of your own. Look at the things that make certain web sites more effective than others, and what your competitors are offering through their web site, like the ability to order online.
Use your competition as a resource to bring you above and beyond what is already available to the consumer. If you see what your competitors are offering, then go one step further. You can track pricing so that you can remain competitive while still watching your budget, and you can see who you should be targeting and how far your business could stretch.
I want you to get the most out of your business. It’s not enough just to break even. You should always be striving for success and making your business as profitable as possible. So use every resource at your disposal and make the competition help you.
Founder, 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 andwww.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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