Small Business & Competitors

Competitors

Who are you in the field that you're in? What slot do you fill within your industry and what slot do you think you fill? Who are you in the scope of your industry?

Think about whether you're the low end guy who offers a good service, the top end guy who offers a luxury brand and offers a lot of customer service, or the middle of the road guy who is available with a good amount of customer service. I don't want you to consider who you think you are, but who you actually are.

Google who your competitors are, the businesses that do what you do. Write down who they competitors are, and how they're doing business. Determine whether they are high, middle, or low-end competitors by going to their website and seeing how consistent they are. How are they setting themselves apart and what makes them different? They may not be different in actuality, but their content may say they are. Also take note of the look of their website, because people place themselves within the market they want to serve. So, their website usually reflects where they are in the industry and the market by the look, colors, and feel of their site. 

Price Compare

Much like a mystery shopper, map out and visit at least 8, at most 10, people regionally and nationally in your industry. Find out their pricing and if their pricing isn't on their website, call and ask them. Ask them to tell you about their product, how are they different from other providers, and finally, what price do they charge. You can also ask what their price range is if they are hesitant to quote you an exact price. 

Once you've called these 8-10 places, look at it and figure out where your price point is compared to everyone else. Who is the least and most expensive? This will help you figure out if you are appropriately pricing your services or products. If you aren't, consider this, how much per hour do you charge, and how much per hour are others charging?

Should you change your pricing?

Who are you in the market vs who do you wish you were in the market? Do you need to make changes? Should you add or remove products and services? Is there more you could offer to warrant your new pricing structure? If you offer a basic product, does it compare to what the basic product your competitors offer? I offer seminars and webinars as a support or a bonus to my products. What about you, what bells and whistles do you offer?

Chart Your Features

Just like a product review on line for a car or a DVD player, make a chart for your product. List the things that you offer and what your competitors offer. This is another way to figure out who you are in the market and how your customers will see you.

Why...

These comparisons across the market are important because there are things going on in your company that you can't see. There are things that determine how your customer base sees you. They've ranked you and you may think you're high ranked, but are seen as a low ranked business in your industry. This will also help you determine whether your image is muddled. The process will also bring clarity to where you actually rank in your industry, and not just where you think you rank.