In every business, market data needs to be both the foundation and driving force behind everything you do. Otherwise you are just guessing, and business owners who guess don’t stay business owners for very long.
There is no better way to know-your-market. You must study your competition or be left behind.
Clients realize this, that’s why companies create 40-person departments just to test and study competitor products, and unravel their marketing.
Sustainable competitive advantages generally result from a company’s foundational assets, such as loyal customers, trusted suppliers or efficient operational systems. All of these can be the catalyst of a competitive advantage. Loyal customers are, by definition, hard to steal away. Core supplier relationships give you trusted allies. Efficient systems in your internal operations go beyond the right tools and equipment; they are developed through work processes and cost-effective or revenue-generating activities.
Difficult to Copy
Perhaps the most inherent factor in sustaining competitive advantages is that they are difficult to copy. If your product, service or operation strength is easy to replicate, the advantage is definitely not sustainable. Advanced equipment, increased investment in advertising or more workers are all relatively easy to copy. An entire company culture, such as the one at Southwest Airlines that emphasizes fun, is much more difficult to copy, since it encompasses a number of synergized factors.
For competitive advantages to last, the value customers perceive from them must be enduring. Building advantages around temporary fads is inherently limiting. Thus, tech companies must develop advantages that go beyond pinning hopes on one breakout product, in most cases. Impacting patents and trademarks certainly helps, though. Movie rental giant Blockbuster failed to adjust to the movement of movie rentals to online and kiosk-based providers, and its reputation and other industry advantages eventually lost value in the marketplace.
Think about it. Here’s a basic example:
Say I’m opening an Italian Restaurant in Atlanta, Georgia. If I didn’t study my competitors in and around my location, all my prices, menu content, and advertising will be done in the blind.
We can prepare a report that summarizes the market for a few areas, and then monitor your state’s corporate directory for new restaurant businesses.
The biz owner can gain an advantage by discovering under-served markets (like types of food, and styles of cooking)
In doing so, that food establishment could open up a whole new market for his store. How much is that worth to you both corporate entity and small business owner?
Any smart business owner studies the competition and sees what everyone else is doing. If they don’t, they are setting themselves up for at best, lost revenue and at worst; complete failure.
This is a fact of life and commerce. The smart owners know they need to do research, and not just once. But they also don’t have time, nor are the best researchers.
How Would You Like To Know:
- What would I want to know if I were that biz owner?
- What could give the owners a window into the competition?
- What are local competitors doing that is working for them?
- What are the not-so-local competitors doing (that is working) and could possibly work for my business?….And More????
- Download and Sign The Statement of Work Agreement PDF HERE.
- Email hdavis (at) newwebsitemarketing (dot) com or Fax to 815-377-3626
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- For additional information, please CALL 404-939-5631 or 888-215-9092
- Get Your FREE Software to get immediate insights to your competition HERE.
Thank You For Your Business!