One Eye on the Competition

Part of your marketing strategy should be to pay careful attention to your competitors. For example, are they introducing new products or services, doing special promotions, and gaining greater customer recognition?

Knowing what your competitors are doing might help you consider some innovations that they haven’t thought of. For example, can you stage a special event in your shop that will attract certain customers, keep different hours that are convenient for working families, suggest new ways for using your product or service, tap a current fad that ties in with your business or offer a special service for repeat customers?

Never underestimate your competition, but don’t assume that what a competitor is doing will work for your business as well. You can beat your competition by planning, listening to your customers and anticipating the things they’ll need or want — in other words, by looking forward and not back over your shoulder.

Consumer Resources

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