Checking Out the Competition
When checking out the competition makes sure you find out:
- Exactly what it is they are offering. How do their products or services compare to yours in terms of quality as well as price?
- The total price of their product once you’ve included all the extras. For example is VAT included or added on at the point of sale?
- The sort of guarantees your competitors are offering. Can you match or better what they are offering?
- How quickly they can deliver their goods. How does this compare to what you are offering?
- Customer testimonials. Have they included any customer testimonials in their sales material/website? If they have been established for any length of time they should have testimonials from satisfied clients. If they haven’t, why not?
- How close they are to where you will be based. If they are on your doorstep is there really enough room for the two of you?
- How busy they are. If they have a retail business you should camp yourself discreetly outside at various different times to see how many people not just go into their shop, but also come out having made a purchase. If they are mail order or website based, monitor their site to see how often it is updated. Also send them some query emails to see how quickly they reply. It’ll soon become apparent whether or not a business is doing well or dying on its feet.
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