How to Check Out the Competition
As a business owner, your competition can make or break your business. You need to remain up to date on the competition to be successful. Competition is more than a price war with the competitor, it's a style of doing business. Here are some tips to help you check out the competition.
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Instructions
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Visit the physical store or business location of your competition, if possible. Take a note pad and pen with you. Before you enter the store, make a note of ads placed along highways as you travel to the store. Make a note of the store sign, the color of the sign and outside appearance of the store. Note the parking area and ease of entry. Check for ads in the windows advertising sales prices. Check the business hours of the competition, which are usually listed on the entry door.
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Enter the store of the competition and browse. Leave the note pad and pen in the car. Take note of displays, lighting and sales prices. Look at the merchandise that's not on sale, to get an idea of your own prices vs. the competition's prices. Talk to the sales clerks to determine if they are knowledgeable about the products and if they are friendly. Ask the sales clerks about the return policy of the store. Evaluate the competition's strengths and weaknesses.
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Surf the web, if your competition is an online website. Type the name of the business into a search engine to learn more about the competition. A web search will bring up not only the web site, but also comments made by customers. Check out the competition with the Better Business Bureau Online. Go to the website and note the style of web design and colors used on the home page. Look for the products offered and click on a few to see if navigation is easy. Make a note of the number of "out of stock" or "back-ordered" items.
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Compare the competition's products for prices, along with shipping, handling and tax charged to customers. Send an email to the competition and ask about a product. To check out the competition's customer service, make a note of the time it takes to receive an answer and how complete the reply is to your question.
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