Shanu Singh Guliani

Do You Shop the Competition?
June 21, 2007

Knowing who your competition is and how they “do it” can help you better define your product or service, improve on it, strengthen it, and educate potential customers.

Getting information about your competitors can give you the leading edge, as it can show you ways in which your company can be unique and can benefit the customer. 

Here are some important questions you should know about your competition:  

• What services are offered by competitors that you don’t offer? Are you and your employees (if any) as well qualified to serve as specialists in your type of industry?
• Does your competitor have a website?
• How does your competitor treat their customers? Is their service prompt and efficient?  
• Do your competitors accept credit cards or charge cards for their services that you do not accept? Do they offer private label cards? Do they offer gift cards or gift certificates to better service their customers?
• What is your competitors return/exchange policy?
• How does your company image compare to your competitors?  
• Can you answer questions about your competitor’s products and services knowledgeably and objectively?  
• What equipment does your competitor use that is better than yours?  
• As you watch the product display of your competitor, do the products seem to be moving? 
• How soon are their items marked down or moved to the sale table? 
• How many times has your competitor had his name in newspapers in the past three months? Count only the times for free publicity such as announcements, promotions, seminars, sponsorships, donations, speeches, etc. How many times has your name been published for these reasons?  
• How much advertising (number and size/time) does your competitor do each month? How much do you do? How many promotional events/trunks shows do your competitors do a month?

Posted by Shanu Singh Guliani on June 21, 2007 | Comments (0)