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Our physical offices are closed, but our advisers remain at your disposal to help you plan the resumption of your activities. Knowing who your competitors are, and what they are offering, can help you to make your products, services and marketing stand out. It will enable you to set your prices competitively and help you to respond to rival marketing campaigns with your own initiatives.
You can use this knowledge to create marketing strategies that take advantage of your competitors' weaknesses, and improve your own business performance. You can also assess any threats posed by both new entrants to your market and current competitors. This knowledge will help you to be realistic about how successful you can be. This guide explains how to analyse who your competitors are, how to research what they're doing and how to act on the information you gain.
All businesses face competition. Even if you're the only restaurant in town you must compete with cinemas, bars and other businesses where your customers will spend their money instead of with you. With increased use of the Internet to buy goods and services and to find places to go, you are no longer just competing with your immediate neighbours.
Indeed, you could find yourself competing with businesses from other countries. Your competitor could be a new business offering a substitute or similar product that makes your own redundant. Competition is not just another business that might take money away from you. It can be another product or service that's being developed and which you ought to be selling or looking to before somebody else takes it up. And don't just research what's already out there. You also need to be constantly on the lookout for possible new competition.
Try to go beyond what's happening now by investigating your competitors' business strategy, for example:. Read about your competitors. Look for articles or in the trade press or mainstream publications. Read their marketing literature. Check their entries in directories and phone books. If they are an online business, ask for a trial of their service. At exhibitions and trade fairs check which of your competitors are also exhibiting.
Look at their stands and promotional activities. Note how busy they are and who visits them. Look at competitors' websites. Find out how they compare to yours. Check any interactive parts of the site to see if you could improve on it for your own website. Is the information free of charge? Is it easy to find? Business websites often give much information that businesses haven't traditionally revealed - from the history of the company to biographies of the staff.
Use a search engine to track down similar products. Find out who else offers them and how they go about it. Websites can give you good tips on what businesses around the globe are doing in your industry sector. Speak to your competitors. Phone them to ask for a copy of their brochure or get one of your staff or a friend to drop by and pick up their marketing literature. You could ask for a price list or enquire what an off-the-shelf item might cost and if there's a discount for volume. This will give you an idea at which point a competitor will discount and at what volume.
Phone and face-to-face contacts will also give you an idea of the style of the company, the quality of their literature and the initial impressions they make on customers. It's also likely you'll meet competitors at social and business events. Talk to them. Be friendly - they're competitors not enemies. You'll get a better idea of them - and you might need each other one day, for example in collaborating to grow a new market for a new product.
Make the most of contacts with your customers. Don't just ask how well you're performing - ask which of your competitors they buy from and how you compare. Use meetings with your suppliers to ask what their other customers are doing. They may not tell you everything you want to know, but it's a useful start. Use your judgement with any information they volunteer. For instance, when customers say your prices are higher than the competition they may just be trying to negotiate a better deal.
Evaluate the information you find about your competitors. This should tell you whether there are gaps in the market you can exploit. It should also indicate whether there is a saturation of suppliers in certain areas of your market, which might lead you to focus on less competitive areas. If you're sure your competitors are doing something better than you, you need to respond and make some changes. It could be anything from improving customer service, assessing your prices and updating your products, to changing the way you market yourself, redeing your literature and website and changing your suppliers.
Your competitors might not have rights over their actual ideas, but remember the rules on patents, copyright and de rights. For more information, consult Intellectual property as a business tool. Exploit the gaps you've identified.
These may be in their product range or service, marketing or distribution, even the way they recruit and retain employees. Customer service reputation can often provide the difference between businesses that operate in a very competitive market. Renew your efforts in these areas to exploit the deficiencies you've discovered in your competitors.
But don't be complacent about your current strengths. Your current offerings may still need improving and your competitors may also be assessing you. They may adopt and enhance your good ideas. Why are they doing the same as you, particularly if you're not impressed by other things they do?
Perhaps you both need to make some changes. Analyse these common areas and see whether you've got it right. And even if you have, your competitor may be planning an improvement. Our information is provided free of charge and is intended to be helpful to a large range of UK-based gov. Because of its general nature the information cannot be taken as comprehensive and should never be used as a substitute for legal or professional advice.
We cannot guarantee that the information applies to the individual circumstances of your business. Despite our best efforts it is possible that some information may be out of date. As a result: The websites operators cannot take any responsibility for the consequences of errors or omissions. You should always follow the links to more detailed information from the relevant government department or agency.
Any reliance you place on our information or linked to on other websites will be at your own risk. You should consider seeking the advice of independent advisors, and should always check your decisions against your normal business methods and best practice in your field of business. The websites operators, their agents and employees, are not liable for any losses or damages arising from your use of our websites, other than in respect of death or personal injury caused by their negligence or in respect of fraud.
Click on one of the two buttons to access the content you wish to view. COVID Remote personalized support Our physical offices are closed, but our advisers remain at your disposal to help you plan the resumption of your activities. Guide Understand your competitors Share on:. Who are your competitors? What you need to know about your competitors Learning about your competitors Hearing about your competitors How to act on the competitor information you get.
Your trade or professional association, if applicable. The local Chamber of Commerce. Directories and survey reports in any business reference library. Our Strategic Information Centre. Share on:. Need help? Our qualified agents can help you. ! Our Services Telephone: Create my .
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