In order to position yourself in the market, you obviously need to find out about your competition besides knowing what the industry entails. There are 5 easy ways to do this.
Speak to customers, suppliers and distributors
You can analyze the competition is by drawing information from these and other parties who are closely linked to your rivals. Not only is it cheap but it is also legal. Suppliers and distributors will be less inclined to give you specific information. But you can still get ideas on how much of the products of your competition is made or how it’s distributed to the final consumer. The customers will tell you their opinions on the value of your competition’s products or services.
Attend exhibitions and trade shows
Attendance is one of the ways you can prepare for exhibitions and trade shows, as an entrepreneur. At expos, you also get to see your competition in business exposed for you to jot down notes. You will understand how they do business and what kind of products or services they offer. They are also there to show how different their business is and you can take advantage to learn a thing or two to gain one over them.
The internet gives you tons of information from so many different sources. Go ahead and use it to find out about your business rivals. Of importance is there online presence. How does their website look like? What other platforms do they use to market the business on the web? Check the kind of content or the number of followers they have to gauge their level of interaction. This helps you set a benchmark as part of setting realistic goals as an entrepreneur.
Speak to the employees
Listen to what the employees of your competition have to say. They can let you in on information about how many employees are on payroll or the caliber of the staff that works for your competition. Few know about a business system than those employed to keep it revolving. You can small talk it all out of them.
Reach out to the competition
I know, you literally have to beat the competition to eat. But that doesn’t necessarily make them your enemy. Everyone can win. You can engage them at industry gatherings and you’ll be surprised just how much you will learn from them. If this is not your style, you can visit their premises or call them and inquire about things as an innocent customer.