Identifying Small Business Competitors

As a small business owner, there is a lot of pressure on you to succeed. While this is easier said than done, identifying your competitors and understanding how they operate can help your business along. As we explore how to accomplish this, ensure your business is backed by a Indianapolis General Liability Insurance policy.

Entrepreneurs need to be in touch with their competitors and the market in which they operate. Consider the following recommendations for how to identify your competitors, determine how they operate, and see how you compare.

Know who they are.

Flag companies who are a direct hit to your business. This could include business that offers similar services, those located right next to you, and those that might offer discounted rates where you cannot. Determine whether your product or service is superior to the competitors, and don’t waste efforts where you don’t need to.

Identify how competitors gain customers.

Why do customers buy from your competitors and what are they doing that entices the buyer into their store or onto their website? Answering these and other similar questions will give you greater insight into what they are doing that you are not, or, what they are doing better than you. Scrutinize their product and service offerings; this may provide some ideas which may even allow you to break into a new product sector, says Tony Paul.

Compare price models, their marketing efforts, social media campaigns, and evaluate their website for user friendliness and navigability. Then, see how yours stacks up.

Visit the store.

If they have a brick and mortar location, visit it. Buy a product or service from them, talk to customers and employees, and gauge their service. These are all key indicators of their success, so see how they handle their interaction with you as a customer, all while keeping your identity incognito, of course.

 

About Walker & Associates Insurance

If you’re not sure if your insurance is sufficient, it’s smart business to have your risks evaluated by professionals you can trust. Since being founded in 1960, Walker & Associates has embraced a “service is first” philosophy. Our team is focused on ensuring that each client receives individualized guidance to preserve their assets and control their expenses. Our strong relationships with international, national, and Indiana insurance companies allow us to negotiate the best coverages, terms, and pricing for our clients. Contact us at Walker & Associates Insurance, (888) 760-7292, for all of your business and personal matters.