Entrepreneurship is like a game of strategy. Something very similar to chess where you are facing the opponent, analyzing, thinking, calculating stealthily. You plan your plays and try to get ahead before their next move.
Many entrepreneurs They begin their business adventure as “testing” to see how they are doing with that new idea and then when things do not go well they wonder what have I done wrong?
Then they try by all means to mend the way, going into debt or reaching the point of despair to end up many times shouting Help, my sales are down!
And the reality is that among the many factors that we have to take into account to the success of our business is meeting the competition. Not knowing what your competitors are doing leaves you in a naive position that has only one price: losing your money.
So as hard as it sounds, inside the planning process of your company, you should consider Without excuse these 30 things you should know about your competition. If possible, print this list and do not rest until you have all the answers, and then plan your strategy to be the one who dominates the game:
- Who or who are competitors?
- Where they are located?
- How long have they been on the market?
- What products do you offer?
- What services do you offer?
- How many branches do you have?
- What are your hours?
- How do you rate their level of customer service?
- Do they have added value, what is it?
- Do you have home delivery?
- What means of payment do you use?
- What is your claims system like?
- How fast do you serve your customers?
- How fast do they respond to an online quote?
- Do you have a website?
- Do you have an online sales system?
- What kind of offers do they handle?
- Can you measure the quality of their products?
- Do your customers speak well of them?
- What kind of promotion and publicity do they carry out?
- Are they leaders in the market?
- What are your strengths?
- What are your weaknesses?
- What is your competitive advantage?
- How good is your image?
- Do they have a brand?
- Is your brand recognized by people?
- Do you have a toll-free customer service number?
- What market are your prices aimed at?
- Do they work the same market as you?
Well, as you can see this list is not easy to answer. In fact it requires time and a good research work to be able to find the answers but I assure you that the effort will be worth it.
Start by asking some friends and family to help you with the work of going, asking, observing, and bringing you the information. Make a few calls, request quotes, etc. When you least imagine it, you will have in your hands a powerful tool for decision making and for your business to really start and march on the path of success.
Any other important questions you missed? Let me know it in a comment.
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