Do You Need to Know Your Competition?
Why are you better than your competition? Do you know what differentiates you from your competitors? Most business owners believe their company is better than their competitors, but knowing what sets them apart is critical. The problem is that it takes time and effort to learn about your direct and indirect competitors.
The owner needs to learn what his or her competitive advantages are. Is it your location, an additional service that no one else offers? Learning what your advantages are will help you in all aspects of your business. This will help you refine your marketing which should increase your return. Also, this could affect your product line. There may be some products or services that are outside your core strengths that your selling for a smaller profit margin. The goal is not to just increase sales, but to drop more dollars to the bottom line.
Most industries are extremely competitive, and new disruptors are threatening to change everything. How does an owner make their company really stand out? Some old-fashioned values always set a company apart. Getting to know your customer, being honest and working to transact business where you and your customer both win. These values will keep your company from becoming a commodity.