Nayem Ahmed Nepu SEO expert

One of the first tasks for anyone trying to grow a business is to map out the competitive landscape. With a good understanding of the competition you

face, you’ll be able to spot and exploit opportunities as they develop.

These 12 tips should help you draw and refine your map, beginning with your earliest efforts to plan your new venture and continuing for as long as you

stay in business.

One of the best ways to gauge your competition is by taking a little time to investigate the people who run the company. If there’s an appropriate setting

in which to meet your competition face to face, do it. Where did they go to school? Where have they worked? How long have they been in the business?

What are their strengths and weaknesses? What’s their reputation?

This information can help you anticipate your competition’s moves. For example, a local farmer will run an agricultural business very differently than

a young MBA just out of school will.

If you’re competing against a publicly traded firm, consider buying a few shares of its stock. As a stockholder you’ll receive regular updates on the

firm’s financial results and business strategies, as well as information about the future plans of the company.

There’s nothing unethical about learning about a company this way, and you may get invaluable information: where you’re most likely to face direct

competition, differences between your firms, and new ideas and markets for growing your own business.

>Take an informal (or formal) poll of your competitors’ customers or clients. How did they originally choose where to spend their dollars? Why do they buy from your competitors? Is it because of the quality of the product or

service, the price, the location, the customer support, or just habit? What do they dislike about a certain company? What do they wish that company would provide? Would they consider buying from you? If not, why not? If they would, what incentive might win them over?>The nature of many businesses requires that companies disclose information to government agencies. Such disclosures are required to undertake public offerings,

receive building permits, register for patents or trademarks, and more.

Many of those filings are public record and contain information about the company’s goals, strategies, and technologies. If you’re in such a business,

you had to do this; so did your competition. Much of this information is public, and you’re entitled to see it. This can be a treasure trove of

information about your competitors and about your market in general.

Many librarians are virtuoso researchers and can save you a great deal of time and effort. Your library will also have local publications that may have

information on competitors in your area. Some larger libraries have specially trained business librarians who can help you with your research by providing

assistance with market research and lists, competitive intelligence, and industry trends for established businesses. They can also help entrepreneurs

with a new idea to find sample business plans and other helpful startup information.

The tactics that your competitors employ can be a good sign of their goals. A competitor trying to increase its market share might lower prices; a firm

attempting to increase profits may cut costs; and a business that wants to accelerate sales growth might kick off a major marketing campaign. If you

know your competitors’ goals, you’ll be better able to anticipate and respond to their strategies.

There’s a good chance that a lot of other people are trying to meet the need your business is trying to meet at the same time. This is especially true if you

start a business in an emerging market.

A national chain may not have entered your region yet — but what if it does? Likewise, companies that don’t currently compete with yours might shift their focus and pit themselves against your firm. You need to be ever vigilant and

alert to other companies stealing your business and preventing your company from thriving.

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