The Importance of Knowing your Competition

It’s a competitive world and nowadays there are more options than ever for consumers.  As a small business owner it is important to know who you are up against and what you can do to stay competitive in the market.  The best way to accomplish this is to know who your competition is and what they are doing.  Here are a few tips on how to stay in the know.

Use the Internet – Set up Google alerts and search for keywords that relate to your industry – or specific competitors – as well as your own company.  You will be kept informed anytime someone pops up in the news.  Also, use social media outlets such as Facebook, Twitter, and LinkedIn to see what customers and the general public are saying.  

Look within the Business – Check out the competition's website to see how they are marketing themselves.  Research who they have on staff and if they are hiring for any new positions. This will tell you how big the company is and what resources they have to run their business.  If they are hiring, you can examine the request and see who they are looking to bring on and for what purpose.  This also allows you to see what benefits and salaries they are offering so you can stay competitive.  

Ask your Clients – One of your best resources for learning about your competition is your customers.  Talk to them about who they have worked with in the past and what they liked and disliked about them, as well as what they are looking for in your business. Likewise, do this if you happen to lose a customer.  You want to know why they may choose to look elsewhere – better pricing, friendlier service, etc – and improve for next time.

Are you a rising new business less than a year old? Becoming part of the New Business Sponsor Program will provide you with the tools you need to keep a leg up on the competition. 

For more information you can trust, visit us at bbb.org/boston, like us on Facebook, or follow us on Twitter and LinkedIn.

Written by: Adam Koncius, Koncius Digital Marketing