When starting a business, people often think of original and unique ideas. When in reality, all possible business may have existed already. But how do you quantify a business as a competitor to another enterprise? Is it worth looking at the market to assess what is happening in the other buinesses?
David Counsell and David Pritchard talk about business competition and how to assess them and use them to your advantage. Can a competition be an advantage? How can you use them to get ahead of other in the business? Join in the conversation and learn how.
In this Episode
01:17 Welcome to David versus David, the podcast for small to medium business owners
03:13 This week, let’s talk about our competitors
03:25 When was the last time you looked at the other guys
03:59 If you can identify the competition, you can twist it around and make it valid for your own business
04:20 How can competition be an advantage?
05:33 Other customers can spill to nearby stores even if they’re the ones who made the advertisement
06:15 Things to check when assessing your competitors
07:25 What are the levels of competitors?
10:14 How long have they been in business for?
11:01 How many units are your competitors selling?
11:42 You can check on the suppliers to know your competitior’s share of the market
11:46 How many customers do they have?
12:29 How profitable is their business?
13:41 Check the people that are working on their business.
14:30 Identify if you need the kind of people that work for your competitors
15:49 Check on the products and range that they carry
16:56 Check the location or SEO of your competitors
17:12 Are deliveries a factor to their sale?
17:40 Price is not necessarily the number one item
18:05 Product knowledge can be a factor to buyers
19:08 Management is also a factor to consider
19:21 What you need to look for is a nice even playing field to assess everything
23:25 What is a SWOT analysis?
24:25 How can the gorilla tactic help you?
26:29 The greater bulk of people do not assess the competition
27:51 You can be so far ahead of the competition that they will have a hard time catching up on you
28:39 Use the competition for the benefit of your own business
29:23 Welcome competition as you can use it for your business
29:40 Trade shows and exhibition are great venues to look at the other businesses
30:34 You can find several options and sources on where you can find more information about the competition
32:36 Catch all our previous episodes in iTunes and don’t forget to give us glowing 5-star reviews
32:44 You can also download all the rest of our 98 episodes at www.davidversusdavid.com
32:55 Or reach us through our Facebook account at www.facebook.com/davidversusdavid
33:08 You may also visit our personal websites, David Counsell’s www.infernopromotions.com.au and David Pritchard’s www.d10solutions.com