Knowing your competitors is essential for the development of your small business

A savvy business owner never overlooks their competition. Anyone who does is doomed to fail. You can learn a lot just by analyzing the patterns, behavior and stats of your competitors, which can help you make more sound decisions for your own organization. As a small business owner, you never stop learning. The sooner you accept that, the better your chances are. If you need help with this type of analysis, you should consider consulting with a business development firm like International Development Services. Their experts can provide a full-company evaluation and suggest the best processes and systems to ensure your success.

The first step to learning about your competition is to identify where they are. Once you have this list, it's time to figure out who is the top competitor and which of them are struggling or on the verge of being shut down. Can you potentially surpass one of them? If so, what would it take to get there?

Here's a list of things you can start doing to help you compete better.

Find Out their Position in the Marketplace

Some competitors are well-established while others are a rising star. Give everyone on your list a ranking, based on the metrics you consider the most important. For example, you can look at geographic area, sales growth, overall sales, number of services or products, and share of the market. You can gather this information by reviewing annual reports, which is readily available for public companies.

Determine their Unique Selling Proposition

Every business should have a unique selling proposition, or USP. This is what differentiates one brand from the next and potentially helps you to soar above competition. For one retailer, it may be overnight delivery and low prices, while another focuses on being socially responsible and offering an amazing service. If a competitor on your list doesn't seem to have a USP, this could be an opportunity for you to come in and demonstrate your own USP that solves their prospects' problems.

Identify How to Position Your Brand

You need to fine-tune your own unique selling proposition, so that you can give your brand position a boost. Refrain from disparaging your competition in front of their clients. This is an unprofessional way to attempt to earn business. Take the high road and trust that your USP will help bring in new prospects – maybe even a few crossing over from your competitor's side.

Evaluate Your Competition By Calling

This is a simple way to analyze your competition up close and personal. Consider calling their 800-number and pay close attention to a number of factors, including:

• How long you're placed on hold.
• What occurs while you're waiting on hold.
• Do they put on music, and if so, what type?
• Is the wait time too long? Is there an option to leave a voicemail or visit their website to be serviced?
• How complex is the voicemail menu, if there is one?
• Based on their phone service, would you buy from them?
• How courteous are the representatives? Are they well informed of the services and products sold?

You have to approach this as a business development consulting expert would. Ask all the right questions and look for all the right answers. This is the best way to give you a full overview of each competitor, so that you can make smarter business decisions.

Hire a Business Development Consulting Firm

The experts at IDS can help your business by performing an in depth evaluation and offering a variety of other services, like tax planning and business valuations.

Source : articlesbase.com