For example, you want to open a children’s toys store soon and have even managed to choose a suitable room and invented a brand. How do you know how much your product should cost? Of course, the cost should include your expenses and profits, and the price itself must be competitive. Therefore, it will be necessary to go through similar trading floors and shops. To study their assortment, discounts and sales efficiency.
The analysis of competitors is a search for specific information about activities of another company with a similar business. If you know your competitors in person, you can easily navigate the market and enter the top sales leaders. Customers like to ask questions “why is it more expensive?”, “Why is it better?”, “What is the guarantee?”. To ensure that the answers satisfy your customers, you need to conduct a thorough analysis. Later on, you will also learn how to use this information to parry customer objections, commercials and booklets with the emphasis on what you are selling the best product.
What should you start with?
First, you need to identify your competitors. Our agent will determine the geography of the market, whether it is regional or city one, regional or state one. For example, you decided to start one of the most popular types of business to date, a small fitness club in a residential area. Accordingly, this is a regional market. If you choose the industry of cleaning services, this is the urban market. Restaurants and hotels are included in the category of regional and state markets.
Further on.
Step one. An agent collects the general information:
• location and points of sale
• product range and quality
• competitor price policy
• service level, additional services
• advertisement services
• development potential
Step two. An assessment of “healthy” competition is necessary. Important:
• to know about the activities of strong companies
• react on their innovations
Step three. To understand:
• how many competitors are there
• stability of their prices
• how often are they advertised
Our international online resource agent.biz will conduct the best effective online intelligence of all competitors for you. The most reliable and fastest way to analyze a competitive market from any city or country. All you need is desire, registration, and choice of agent.