Profiling Your Business Competitors And Becoming An Online Brand Overnight
Although you do not have to go to the lengths the serial killer profilers on television go to, doing a thorough analysis of your competitors can pay off.
What is the definition of a competitor?
Generally, this business will be offering a similar product or service to the one that your business offers. Most likely, they will be communicating with the same group of people that you do with the aim of doing business with them.
If you are serious about growing your business and the market share, you have, then doing some research about who your competitors are is crucial.
Knowing what your strengths and your weaknesses are in relation to those of your competitors is a clever thing to do. Some call it staying ahead whilst I would just call it common sense.
Classifying Your Key Competitors
I would encourage you to classify your competitors in two primary groups:
These people are your direct and current competition, and they have similar products and or services to you and they are targeting the exact same market that you talk to and sell to each day.
These competitors are the ones that are offering either slightly different but similar products or services to your business, or putting forward a unique proposition.
Sometimes a small competitor with outside the box thinking can be even more dangerous then a well-established current competitor.
The most effective companies in the world look closely at their SWAT scenario almost constantly. If you have not come across that acronym before it stands for strengths, weaknesses and threats.
What kind of information should I gather on competitors?
1. What services do they offer?
2. What level of facilities are they operating?
3. Where are they located?
Do you have a Competition Template?
One very effective tool to watch what your competitors are doing is a competition template. By establishing a document and including it with your monthly financial statements, it will ensure this topic is not over looked.
Obviously if there is no significant change in competitor behaviour then the template will only have a few lines of commentary. At least incorporating this tool into your modus-operandi will ensure the subject is on the table regularly.
The old-fashioned approach to competition
In the good old days, it was simply enough to provide good service and stay close to your customer. That could mean anything from giving your customer a phone call or sending them a Christmas card. The days of that approach are dead and gone and if you do not keep analysing and changing, the competition will.
The best example of change that I can think of in recent years is blogging and electronic media.
Do I really need to be on Twitter?
I view Twitter and Face book and many of the other web 2.0 mediums as blocking tactics rather then heavy time commitments. What I mean by that is that if it takes you five minutes to brand your business name on Twitter and set up a page on Face book then why not.
If a competitor is known for using, thinking that is more forward and more adaptable then it cannot be a good thing.
I will Give you a few more Electronic Media Tips
If you can allocate just one hour each day of a junior staff members time you can start building a great online presence for your brand. The website name I am about to suggest that you enter into Google will do a lot of the work for you.
Ping FM is an automatic update service and it links to all the main web 2.0 sites.
So here is a formula that will grow your online presence virtually overnight and take your competitors by storm.
Tell your office junior to type Ping FM into Google then get him or her to sign up for this great FREE service. Register your brand name as your username for each site that Ping auto updates and choose an easy to remember password that only your team know.
Have the junior upload some images of the company logo, business even people if you wish at the sites Ping links to that you think most suit your brand.
Sites like Twitter,Facebook should be mandatory but there are dozens of others as well. Once the profiles about what you do, where you are etc are in place it is as easy as rostering one staff member each day to logon. Then simply visit Ping FM and write a few lines about your brand, products and or service. This message is automatically sent to all of the other websites that Ping links too.
If you can invest a few minutes, each day using these fantastic FREE service mentions of your brand will be popping up all over the web and all over the world constantly.
If you want to go right over the top and send shivers up the spines of all your competitors, set up a company blog and put a link to the blog in your daily updates on Ping.
Paul Ritchie Inge runs Rank Bank.Our business rates the best business opportunities online.We try and look for things that will offer online entrepreneurs real profit opportunities and an education about how to make online profits.To see Rank Banks current Number 1 Pick just Click Here >>> Rank Banks Recommends
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