I don't have any competition...

How important is it to know what your competition is doing? Or, do you even understand who your competition is?  One thing I hear often from clients, especially those looking to start a new business is, “I don’t have any competition.” Really? I find this surprising, because you always have competition, direct or indirect. To understand this better, let’s take a movie theater as an example. Say you are starting a new movie theater in a town where there are no other existing movie theaters. You may think you do not have any direct competition; but, you have indirect competition. If your target customer has money to spend on entertainment, they may have a choice of going shopping, out to dinner, to a concert, or your movie theater. Also, they have a choice of staying home and renting a movie or watching TV. So, you see, there is competition. Now, take a moment to think about your business, and who your competition is. Jot it down on your business plan (the ever looming business plan from last November's post) under the "Competitor's" heading. Analyze  what your competition is doing. What is their product or service offering? Why is yours better or different? Who is their target customer? Who is yours? How are they marketing to their customers? How are you going to reach your customer to let them know about your product / service offerings over your competitors?  This is just some of the information you need to think about and monitor. If you would you like help on preparing a competitive analysis or developing a marketing plan, email or call for a free, confidential consulting session.

Questions, comments or concerns…leave me a post & let’s chat!