The word, "competition", in business is not always adversarial. True, it can cause some business owners to withdraw from the notion of conflict, but it can drive others to improve their products and services. Your competition includes those companies and organizations that are going after your same customer base, often providing similar products or services. (For non-profits, your competition could be charities in a completely different area of interest, but they are still looking to get funding from donors who may otherwise fund your cause.)

Competition offers you alternative working business models for comparison by which to improve your operational structure. The following list provides some areas in which to compare your business with others.

Product Line
Do other businesses ofter more or fewer products than you? A bigger selection can drive down costs, as you can pass along distribution discounts to the customers.

If they operate a store or publish a catalog, are their products displayed in a way to increase sales? It is no accident that supermarkets place candy stands and magazine racks next to the checkout counters. The display real estate at the checkout counter is the most densely populated. Not surprisingly, it has the highest volume of traffic in the store.

Services
Though not every business sells products, they all provide services to some extent. Providing excellent customer service can be considered part of your marketing plan: A happy customer is likely to return and engage in more business, talk positively to their friends thereby recruiting more customers, and possibly connect you with additional business opportunities.

Good service is meeting or exceeding customer expectations. By comparing their expectations with actual perceptions of your business, you can determine areas of improvement, not only for your own business, but of your competition. If your service is better in some aspects than your competition, advertise it.

Vendors
If your competitors do not use different suppliers and vendors than you, they probably are working with them slightly differently than you. Your vendors are great sources of information on how businesses in your industry are run. They can provide you with advice on "best of breed" solutions to improve your business processes.

Customers
Dissatisfied customers are a great source of information about your competition. Their grievances could provide you ideas for planning your next marketing campaign, touting how your business meets their unsatisfied needs. The customers can also provide unfiltered feedback in areas that your business needs to improve. Fix those aspects of your business, and you can attract their custom.

Website
Is your competition's website better than yours? Do they provide services or avenues of communication that you would like to develop? Websites have evolved over the past few decades. Websites today are no longer the dead-end electronic alternatives to printed brochures; they are becoming a communication medium that links to and gets linked from key communication channels. Contact ShoreShot! Web Design to find out how your business can take your website to the next step in social media.