Filed under: Print Place General | Tags: advertising, competitive intelligence, market research, marketing
You don’t need a black trench coat to become an effective business spy. Competitive intelligence does not entail anything underhanded or nefarious. It simply consists of some simple steps you can take which allow you to keep your finger on the pulse of your industry.
The first easy technique is to peruse your competitor’s ads in the local paper. Firstly, this will enable you to decipher which markets they are targeting. Maybe it might be one you are leaving out. Additionally, you’ll see their pricing and any upcoming sales. This will enable you to match deals they are giving so as not to lose that business.
Actually visiting competing stores is another good idea. Oftentimes, a visit will yield valuable tips to help your own operation. Seeing their traffic as compared to your own can also be elucidating.
Networking is also very important. Keeping in touch with participants in your space ranging from vendors to competitors themselves is a great idea. Vendors like the local color printing service can be a great source of intelligence. This enables you to be the first one to know of goings on in your industry allowing for quick exploitation of any opportunities.
Feedback from customers of your competitors is also valuable. You might come across them in other areas of everyday life. Be inquisitive. Ascertain why they shop with your competition. They answers can often provide good insight to shortcomings of your business which need to be addressed.
Keep your eyes and ears open. Develop your intelligence file. Don’t forget that sometimes a business owner also has to be a spy.
Leave a Comment so far
Leave a comment
