Table of Contents
- 1 Why do you need to know what your customers think about your competitors?
- 2 How do competitors understand customers?
- 3 What should a good customer profile include?
- 4 What should you ask your customers?
- 5 Where can I get clues to the existence of competitors?
- 6 Do you have a problem if you don’t have competition?
Why do you need to know what your customers think about your competitors?
Knowing who your competitors are, and what they are offering, can help you to make your products, services and marketing stand out. You can use this knowledge to create marketing strategies that take advantage of your competitors’ weaknesses, and improve your own business performance.
How do competitors understand customers?
7 Ways to Better Understand Your Competitors
- Speak to Your Customers. This is a simple step, but many businesses don’t do enough of it.
- Speak to Your Suppliers.
- Speak to Your Competitors.
- Go to Industry Seminars, Conferences and Expos.
- Conduct Online Research.
- Check Social Media.
- Watch Who Competitors Hire.
What factors would influence how customers see your competitors?
From a microeconomics perspective, competition can be influenced by five basic factors: product features, the number of sellers, barriers to entry, information availability, and location.
How do you ask customers about your competitors?
Asking questions like, “What have you done in the past to solve this problem?” or, “If you weren’t using us, what do you think you would do instead?” are good ways to have your customer tell you about the competitors on their mind.
What should a good customer profile include?
A customer profile tells you everything about the people you want to bring onto your customer list.
- Age.
- Location.
- Hobbies.
- Job title.
- Income.
- Purchasing habits.
- Goals or motivations.
- Challenges or pain points.
What should you ask your customers?
Here are the top 5 questions you’d ask your customers
- What can my company do to better serve your needs?
- How satisfied are you with our products/services?
- What value do we provide?
- What are your biggest challenges?
- Why did you choose us over the competition?
Why is it important to know your competitors?
Understand your competitors 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.
How to win new customers from your competitors?
Use social media to constantly assess your market. Ask your customers what goods or services they would love to see become available. Your competitors may come along with something similar later, but your business was first to market, which can gain new loyal customers.
Where can I get clues to the existence of competitors?
You can get clues to the existence of competitors from: local business directories your local Chamber of Commerce advertising press reports exhibitions and trade fairs questionnaires searching on the Internet for similar products or services information provided by customers
Do you have a problem if you don’t have competition?
Of all the reasons, this is by far the least problematic. After all, you could simply be solving a major pain point for your customers in a new and innovative way. However, if that is the case, you have to be aware of the challenges that go along with being an innovator.