A little competition never hurt anyone. But when a new business comes into town and starts targeting your customers, you need to be prepared. Keeping tabs on your competition is a smart business practice, and a great way to do this is to analyze both your customers’ and competitors’ locations. Today, GbBIS shows you how keeping track of your competitors can help you stay ahead of the game.
It’s all about market share. Many businesses know the term, but for those that don’t: market share is calculated by taking a company’s sales over a period and dividing it by the total sales of the industry over the same period. This metric is used to give a general idea of the size of a company to its market and its competitors.
The competitors in your area can affect your market share in a few ways. A new company may offer poor service or poor quality products, driving more customers to you, increasing your market share. Or, a new company may perform well in your industry and take away some of your market share.
Keep track of your competitors and their affects on your customers. A good place to start: use a map or web application to mark the locations of competing businesses. Use demographic data to find out how the locations of your competitors influence your customer base. Whose location is closer to your target demographic, yours or your competitors’?
Your business needs to be prepared. A map or web application to help you view customer demographics and competitor locations is a great way to organize your business. GbBIS helps you create the map or web application that’s right for your business. You select the coverage area, colors, and styles for your map or web application. Add demographic data, locations, sales territories, and other information.
Contact GbBIS today and discover how we can help you identify competitors and customers near you
Visit Us on the Web at gbbis.com
Call Us at 1-877-447-6277
Image 1,4 via gbbis.com, Image 2 via priamsoftware.com, Image 3 via zoccalo.com