No matter what industry you are in, you always have to keep a close eye on your competition. GbBIS gives you some tips for staying ahead of your competitors.
It is important to know what your competitors are doing—what sort of customers they attract, how they market their products, and how they are innovating within the industry. But focusing too much on the competition can create a corporate culture that is strictly reactionary. Ideally, you want to learn from your competitors’ mistakes, while allowing your own innovative ideas to show the way forward. Here are some tips for staying ahead of the competition.
Know what your customers are NOT doing
Look at your competitors, as well as your own business, and ask yourself: what are customers not doing? Why are they not buying a certain product? Why are they not satisfied with customer service? Observing the things that customers are not happy with will help you improve those areas in your own business.
Improve upon a competitor’s business model
Your competition may be flattered that you are imitating them, but you’ll have the last laugh once you improve upon their business model. Many customers grow disillusioned with a business because of its needless complexity. Take what your competition does, and simplify it. Find ways to improve upon your competitor’s business model so that customers are attracted to your business.
Learn where to improve; be your own customer
Business owners may be quick to point out another’s mistake, but what about their own mistakes? Are you guilty of the same mistakes as your competitors? Try buying or using your own products. Are they easy to order? Easy to use? If you have a problem with your product, can you easily contact customer service. Be your own customer to learn where you need to improve.
The more you know about your competition, the better able you are to serve your customers and innovate within your industry. A great place to start is by analyzing how you are affected by your competitors’ locations. To do this, examine a business location map with overlaid demographics.
For over 25 years, GbBIS has been providing business location maps and web applications to companies in virtually every industry. We can help you map out competitor locations and analyze customer demographics with the highest levels of detail and accuracy.
Contact GbBIS today. Learn more about your competitors and find new ways to improve your business