Stay on top of your competitors, but come up with new ideas and lead the market.
Checking the competition is something that we all do regardless of the industry we are in. The real question is why? What am I trying to learn? What can I achieve from the information? Not only do I want to make sure my pricing is competitive in the market, I also want to know what is new out there. Is my competition offering something that I haven’t thought of yet?
If you are the consumer and two companies are offering you the same product, what will make you choose one over the other? Is it the price? Is it the quality? Does the customer service provided influence the decision? There are also “comfort factors” such as terrific parking, a great location or free shipping that can affect a choice.
When I am shopping the first thing I look at is pricing. Is one product less than the other? My next question may be, which product/company do I have more confidence using? Then, which provides great customer service and understood my business best? Where am I getting more value for my money?
Ideas lead the market, but how can I come up with them?
As a business owner I look at my competitors’ products often. I enjoy taking pride in my products’ quality and my company’s improvements. I talk to my customers and hear what they have to say.
When I have a customer that is pointing out a price difference between me and the competition I am able to share the difference in the quality of my product versus theirs. Yes everyone wants to save money, but when you are getting more for your money you know it.
Listening to your customer is priceless! They have firsthand knowledge of the market and will tell you what they are looking for exactly. Take their comments and suggestions in proportion however. What might be great for one customer can sometimes be harmful to others. Working hard with a customer to purchase a product leads me to new ideas all of the time.
One more way I improve my company is increasing my sales goals. If I don’t generate new ideas, and increase sales, I won’t make my goals. Funny story; one of the companies I started was simply an idea that came from the question, “What will I do if I sell my current company”, or more like, “What do I know how to do?” This question changed my life once more.
