Connecting decision makers to a dynamic network of information, people and ideas, Bloomberg quickly and accurately delivers business and financial information, news and insight around the world.
+1 212 318 2000
Europe, Middle East, & Africa
+44 20 7330 7500
+65 6212 1000
To be competitive in a new market, you don’t want to start from scratch. The quickest way to learn how to be successful is to check the playbook of your competitors. By taking the time to investigate what has made their businesses work, you’ll be able to learn their best methods and improve upon their model. Here are some ways to do your research:
Shop the competition: Identify them through the phone book, online research, or through word of mouth.
Analyze their Web sites: Search the Internet and read what your competitors say about their own products and services. This also helps you to see how they use the Web for advertising and as a marketing tool.
Read the local newspaper daily: Find out what special pricing policies, discounts, and incentives they offer. This will give you an idea about their advertising strategy.
Mingle with competitors: Attending industry seminars and meetings provides opportunities to learn a lot about them in a non-threatening environment.
Visibility in the community: Find out if your competitors are supporting local charities or community activities. Also look to see if they are exhibiting at trade shows or community business expos.
Competitive information is essential to creating a successful business plan. By conducting this thorough competitive analysis, you will be able to make a successful move into business ownership.
Charlie Fewell & Associates
Want to improve the way you run your business? Entrepreneurs, academics, and consultants from diverse industries offer practical advice on a variety of topics each business day.
To submit a tip for consideration, first check our archive of previous tips to make sure you're not repeating a tip someone has already contributed. Then send the tip to Small Business channel contributor Michelle Dammon Loyalka. Because of the volume of material she receives, she may not respond to each individual.