Do I have to analyze my competitors?

Every entrepreneur must know where they are getting, not so much to give up their business idea, but because knowing our competitors can always be beneficial if we know how to use the information we have.

1. Objectives when analyzing competition

When studying your competition, you must take into account where and against whom you compete, idenify possible business opportunities, detect the elements that differentiate you from others, as well as anticipate the reaction of your competition.

2. Techniques

Before opening your business, it is worth visiting your competition to see, for yourself, what it is about. You can inspect the following items to give you an idea of ​​what to do:

• Prices
• Number of clients
• Profile of the same
• Sales and distribution system
• Dimension and appearance of the room
• Attractive street
• Opening times
• Among others.

You can also visit websites and social networks to see how well positioned they are.

3. Common mistakes

Never underestimate your competition nor forget that there is an indirect competition, which is one that offers alternative services or products. Nor should you rely too much on your intuition. Trust the measurable aspects and use them to make your strategy something much more based.

Source: Infoautonomos.
Images from: Talkroute, dprince4christ blog y YouInc.