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Who Are Your Competitors?

5/27/2014

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Like it not, ALL businesses (yes that means yours too) are faced with competition. Even if you're the only restaurant in town you must compete with movie theaters, gas stations, bowling alleys, bars and other businesses where your customers will spend their money instead of with you.

With increased use of the Internet to buy goods and services and to find places to go, you are no longer just competing with your local businesses, you are (potentially) competing with businesses from other countries too.

Your competitor could be a new business offering a substitute or similar product that makes your own redundant.

Competition is not just another business that might take money away from you. It can be another product or service that's being developed and which you ought to be selling or looking to license before somebody else snags it up.

And don't just research what's already out there. You also need to be constantly on the lookout for possible new competition.

[Tip: Use Google Trends to listen in on the competition.]

You can get some clues to the existence of competitors from:
  • Local Business Directories
  • Chamber of Commerce
  • Advertising
  • Press Reports
  • Exhibits and Trade Shows
  • Searching on the internet for similar products and services
  • Running searches for existing patents for a similar product
  • Flyers and other marketing paraphanelia
  • Customer Feedback
  • Opt-in lists

Tell us one or two ways that help you to figure out who your competition is and we'll add your name (and business) as a guest blogger. 
---

G Co Group Blog Team
GadboisConsulting.com 


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    Sharon Gadbois

    Social Media and Marketing Trainer and Public Speaker who teaches Entrepreneurs, Elite Business Owners, and C-Level Executives HOW TO use the various social media platforms to find their clients online. 

    I'm the Marketing Director,  Brand Advocacy and Hashtag Development Expert of GadboisConsulting.com.

    Connect with me on Facebook, follow us on Twitter, YouTube us "G Co Group," and connect with us on LinkedIn. 

    Subscribe to GadboisConsulting.com/blog.html.

    And, let Gadbois Consulting Group hold your hand every step of the way ... (to the bank).

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