Do You Know Your Competition?

As your business grows so do your competitors.  No matter what industry you are in there is a constant change in supply in demand.  Therefore, in order to continue to grow you must stay on top of your competition and understand what is going on in your market.

Do you know your competitor’s marketing tactics, how they compensate employees, what additional services they provide, and their prices?  There is a lot more to it than simply creating a one-time competitive analysis that reveals your competition and what they are doing.  This should be an ongoing part of your business.

With so much information being online it is now much easier to keep track of your competitors.  However, websites, google searches, and social media do not reveal all of the information that maybe needed to track your competition. That is why it is still important to talk to you clients, both current and past, as well as to get out into the community to get a feel of what is going on real time.  This could be attending conferences, trade shows, or events.   

Without knowing your competition and their current strategies you could be falling behind and one day be left in the dust.