Quick! Name your top 5 competitors.
If you’re smart, you named them quickly, and could come up with more easily. If not, read on.
Understanding what your competitors are up to is key to the success of your business. If you don’t know what they’re up to, how can you one-up them and steal some of their market share? If analyzing the competition isn’t currently part of your curriculum, make it so with these tips.
Step 1: Know Where Your Competitors Are.
If you sell products, where are your competitors selling? Are they on supermarket shelves? How can you get there too? If you sell services, do your competitors focus on local business, or are they nationwide? What areas are they ignoring? These could be potential new areas for you to expand into.