Five ways to understand the competition
And the more you know about your competitors, the better you’ll get at beating them.
You know the saying – keep your friends close, and your enemies closer. And the more you know about your competitors, the better you’ll get at beating them. Use these tips to stay on top of information about your competitors – even if they are located on the other side of the world.
It used to be easy to know what a competing store down the street was doing by simply walking by the window – or even stopping in to snoop around. It’s understandably more difficult to assess the competition if they are operating from a distant country and offer only a website storefront.
While many small businesses see their competition as primarily local, the Internet has changed the playing field: a local business could now be facing competitors from across the world – and that’s a daunting thought to any business owner looking to win new customers.
Remember: successful business owners treat competitive intelligence as on ongoing part of market research.
So, in this digital landscape, how can you stay on top of your competition? Use these five tips to get to know as much as possible about the other players no matter where they are.
Paying attention to your competitors will give you an edge as you increase your understanding of their strengths, weaknesses and strategies. Try to learn something about your competition every week.
If you have not yet started your business, let us help you determine the feasibility of your new idea.Go
If you've been in business up to 2 years select this option to identify how to run your business more effectively.Go
If you have been in business for more than 2 years, determine the crucial next steps for growth.Go
*No purchase necessary. The Contest commences at 12:01 a.m. (ET) October 23, 2016, and ends at 11:59 p.m. (ET) October 22, 2017. To be an entrant, you must be the named recipient of this notification, a legal resident of Canada and the age of majority, but not an employee, agent or representative of Scotiabank, its affiliates or subsidiaries, or a member of the household or immediate family of above parties. Selected entrant must answer time-limited mathematical skill-testing question. One (1) Grand Prize: $10,000. Five (5) Secondary Prizes: $1,000. Chances of winning depend on the total number of eligible entries received during the contest period. Click here for full contest details.