No matter what product you are selling or which specific field you work in, you will never avoid comparisons with your competition. Keeping track of the competition is important not only because you want to be able to explain to your clients what it is that makes your solution unique but also you do not want to miss the boat in terms of innovation, new trends and market development. The MoreBusiness server published 8 tips on how not to lose track of your competition.
1. Internet
Regularly check the webpage, offers and prices of your competition.
2. Professional magazines
Subscribe to professional magazines in your field. These may be published by commercial enterprises as well as by associations or federations.
3. Trade fairs and conferences
Many companies save their new products for trade shows and other professional meetings. Take part as an exhibitor/speaker or at least as a visitor.
4. Social networks
Most companies operate on Facebook, Twitter or LinkedIn. Subscribe to their accounts.
5. Customers
Keep in touch with clients who switched to you from your competition, or keep track of what is happening with your competition's current clients.
6. Collaboration with the competition
You might even collaborate with your competition. Following the “know your enemy” principle, maybe your competition will also want to exchange information with you.
7. Pretend to be a client
One excellent way of getting to know at first-hand what your competition is offering is to become a "mystery shopper" and have everything explained to you directly by a company sales rep.
8. Continuous monitoring
Make competition research a regular activity: consider devoting the less busy periods of your working week to it.
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