Guide

Understand your competitors

What you need to know about your competitors

Monitor the way your competitors do business. Look at:

  • the products or services they provide and how they market them to customers
  • the prices they charge
  • how they distribute and deliver
  • the devices they employ to enhance customer loyalty and what back-up service they offer
  • their brand and design values
  • whether they innovate - business methods as well as products
  • their staff numbers and the calibre of staff that they attract
  • how they use IT - for example, if they're technology-aware and offer a website and email
  • who owns the business and what sort of person they are
  • their media activities - check local newspapers, radio, television and any outdoor advertising
  • their online presence - check online networking sites as well as their website

Their customers

Find out as much as possible about your competitors' customers, such as:

  • who they are
  • what products or services they buy
  • what customers see as your competitors' strengths and weaknesses
  • whether there are any long-standing customers
  • if they've had an influx of customers recently