Sustaining a successful business includes knowing everything about your competition.
Most companies don’t take the time to truly think about their competition, and that’s a huge mistake – and a potential risk of your customers flocking to competitors for something you weren’t aware of.
When it comes to your competition, there are three issues to think about:
1. Who are your local competitors that are taking the most market share away from you?
2. What makes them successful?
3. Who are your favorite leaders in your business segment? What do they offer that makes their customers loyal? What are they doing that you admire?
Studying your competition gives you a chance to set a benchmark for performance and an opportunity to stay ahead by re-evaluating your strengths and weaknesses and offering better products and services.