Check Out the Competition…Always & Often! June 19, 2007Posted by David Dirks in Dealing With Competitors.
The Big Dogz spend a lot of money and invest time in understanding just what their competition is doing in their markets. Products, services, pricing, marketing, sales, and a whole host of key items are studied.
Is the small business owner any different? No. If you think anything else, you’re missing out on a huge opportunity to leverage the best competitive ideas into your business.
Some of the best small business owners I know (i.e. those that own profitable and often growing businesses), spend time in the field understanding what their competitors are doing or not doing. I know one guy who makes sure that he checks out his competition in any city, state, or country he might be in. He checks out his competition when he goes on vacation. Now, he doesn’t over do it, but he always comes back with something that he can use for his business.
How much time to you spend checking out the competition? Don’t assume that checking them out once or twice a year is enough. It isn’t. Do what most of your competitors are NOT doing (trust me, most don’t). Check out the competition…always and often!