“How do I find out more about my competition?” SCORE Southern Arizona mentors report this as one of the most-asked questions by budding small businesses.
According to a SCORE chapter report, here is how to do it on a shoestring:
— Use the Internet to learn as much as possible. Google competitors and examine their websites. If yours is a new idea, do this for products or services closest to your concept. Look up products on eBay and Amazon for product and price comparisons.
— Visit competitors. Spend time in the environment understanding the competitive marketplace. If it’s a new exercise regimen, visit exercise studios to find out what they offer and how your product might fit. Talk to competitive businesses in a different geographical areas as they may be willing to share information because your business will not be a threat. Talk to competitor’s former employees, customers and suppliers. If you plan to enter a field new to you, consider working in that field first.
People are also reading…
— Read industry trade associations and publications. Industry trade organizations offer an excellent barometer for their industries. They offer information about market size, operating statistics, trends, fads, etc. They also publish magazines and newsletters specific to their industry.
— Review competitive advertising and point-of-sale materials. This provides insights into the communications objectives and the target audiences.
— Go to the library. Look at the Robert Morris Associates and Dun and Bradstreet publications. Major accounting firms publish operating numbers for specific industries; ask your accountant. Libraries also offer a list of trade associations.
Diane Diamond is the vice president of media relations for SCORE Southern Arizona, a nonprofit group that offers free small-business counseling and mentoring by appointment at several locations. For more information, go to www.southernarizona.score.org, send email to mentoring@scoresouthernaz.org or call 505-3636.