Tweet When you think of leaders in the computing industry, your first thoughts probably turn to companies like Apple, Microsoft, and IBM. DEC identified a demand for more affordable and high-performing computing systems that could be used in scientific research and other technological settings.
Whether you want to admit it or not, they're out there and they're hungry for your customers. While it might seem unfair given everything else you need to keep on top of in building up your business, you might want to consider devoting the time and energy into keeping tabs on your competition.
The good news is that while hiring someone like Weiss can save you or your employees from spending the time to conduct research on your competitors, you can also employ several techniques to get the job done virtually for free. Here are 10 tips from entrepreneurs and small business owners on how you can start gathering information on your competitors.
Go beyond a google search. There's no doubt that any research project these days should begin with a simple Google search or visiting your competitor's web page. But there are also a variety of tools either supplied by Google or that relate to Google's search results and AdWords campaigns that might give you interesting insights into your competition.
For example, Sheel Mohnot of FeeFightersa comparison shopping website for credit card processing, says he uses the following tools to keep an eye on his competition: For Mohnot, it's helpful when he wants "to stay on top of the latest in [his] industry, comparing [his company] to others, and seeing where people who come to [his] site go.
Don't forget to set up an alert on your own company to see if anyone else is talking about you. There are great and inexpensive resources for checking up on your competitors online and offline. The Art of War for Winning in Business.
What are they telling you about where the industry is trending? Where are the unmet market needs that you can fill? Tap the social network. We scour through reviews to find mentions of our competitors' deals, and then target that particular Yelper or Citysearcher's other favorite businesses so we're always one step ahead of the competition.
How to Conduct Qualitative Market Research 4. When it comes to identifying sources of information about your competition, don't skip over the obvious ones--like your customers. The reason they were dissatisfied with their previous supplier.
Do the same when you lose a customer--identify what they preferred about your competitor. If you gather enough of these stories you'll get a very clear idea on what competitors are offering that customers view as preferable.
You can then adjust your own offering to beat that of the competitor. Attending industry trade shows and conferences--as well as joining industry associations--can be a great way to learn about who your competitors are and what they're offering, says Amy Lewandowski, who heads up marketing at online retailer, PepWear.
How to Get the Most Out of a Conference 6. Check in with your suppliers. If you work in an industry where you share the same suppliers as your competitors, it could pay to ask them some simple questions.
Another strategy is to hire employees from competing firms--especially sales people--and team up with competitors' partners, suggests Sheetz-Runkle. Where are they taking their business? What markets are they venturing into? How are they leveraging innovation to cut costs and advance productivity?
Where is the highest level of dissatisfaction with their products or services? No one has more and better intelligence when it comes to sales than disgruntled sales people.
How to Poach an Employee From a Competitor 8. And watch who they're hiring.Forty-five years after Intel was founded by Silicon Valley legends Gordon Moore and Bob Noyce, it is the world's leading semiconductor company. While almost every similar company -- and there used. Intel CEO Brian Krzanich sold off a major stake in the company in November, months after the chipmaker learned of a significant security flaw in its chips.
Original business plan for a childcare center. Problem: You have decided that you would like to formally start an entrepreneurial business. To ensure the success of your business, you will produce a business plan. Chapter 2- EBTM STUDY.
PLAY. A critical factor to ensure the success of integrating the strategic plan with projects lies in a process that A. Is open and published for all participants to review In today's business environment, project managers find it valuable to have a keen understanding of A.
A business plan is a written description of your business's future, a document that tells what you plan to do and how you plan to do it. If you jot down a paragraph on the back of an envelope.
Sep 05, · In fact, even though it was akin to a pet project up to this point and had no official business plan, the actual feasibility study that took place later concludes it .