Are You Watching Your Competitors?
By Gauher Chaudhry
It is very important that you study your competition because they are the businesses that you could lose potential customers to. Potential customers always make a mental picture of your
business and grade you in their mind. If you stay ahead of the competition, you will always have a better grade.
The Internet is a tough place to market products or services if you have numerous competitors peddling the same products or services. You need to understand your competitors inside out
so that you have the upper hand.
You need to know the price of their products, their customer target, where they advertise, how they market and the layout of their web sites. Knowledge of all this information can help you decide what strategies to use for your own business.
When customers decide to purchase a product or service they almost always compare what you have to offer to your competitors. Are your competitors offering a longer warranty? Are your competitors offering responsive email support?
Consider all the aspects of your business that you feel are important to your potential customers and make sure that you are providing better quality and service than your competitors. Whatever your competitors are offering, you should consider offering the same thing if it is feasible.
You have to convince the potential customer that they will get many more benefits by dealing with your company rather than your competitors. Think about doing things that your competitors are not. You need to be creative and innovative before your competitors are so that you can set yourself apart from them.
You should also be careful with the information you receive about competitors.
One of the biggest blunders in history was made by Coca-Cola. They were closely watching Pepsi's market share increase in the soft drink industry during the 1980's.Coca-Cola's market share was staying at the same level at this time.
Coca-Cola decided to change their formula and introduced "New Coke" into the market hoping that it would increase their market share. There was such a huge backlash that the company was forced to bring back the "original" Coke.
Contrary to what you may have heard, it was not a marketing ploy.
It was a huge marketing blunder, simple as that.
Information about competitors should be used to improve your own business. Not make drastic changes that could damage your business. A study of your own business should result in drastic
changes if needed.
There are also many companies on the Internet that may appear to be your competition, but they really are not. These companies are selling products or services that
may compliment your existing products and these companies can greatly benefit your business.
For example, if you are selling cowboy hats exclusively, you could partner up with a site that sells cowboy boots and help promote each other.
You will not be directly competing with each other, but rather be providing a valuable service for potential customers to purchase multiple products without having to search all over the Internet.
The bottom line is that if you do not know what your competitors are up to, they will slowly take away your customers. Set up a schedule to check your competitors' web sites on a regular basis. You need to be ahead of your competitors at all times.
Copyright © Gauher Chaudhry, All Rights Reserved.
Gauher Chaudhry is editor of Cool Cash Ezine. You can subscribe by sending an email to firstname.lastname@example.org with "sub-art" in the subject. Gauher teaches individuals how to make thousands of dollars in the ezine publishing
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