10 Easy Ways Small Businesses Should Track Competitors

10 Easy Ways Small Businesses Should Track Competitors

By Gabrielle Pickard-Whitehead

One of the most important yet often unvalued requirements when running a small business is to track and monitor competition. Having a clear understanding of competitors’ business operations, such as what they are charging, what clients they have, and what new products and services they are offering, can help a company develop their own successful business models and strategies.

It is vital that businesses monitor competition in order to stay abreast of changes, and keep up with price fluctuations and demands within a specific market. Monitoring competition ultimately helps small companies maintain competitiveness amongst their business rivals. Failing to track the habits and movements of competitors can mean a business is held back, becomes regressive and eventually loses out to their more progressive and competitive rivals.

How can small businesses track and monitor their competition? Small Business Trends caught up with Mike Tinz, VP at Money Mailer, a leader in direct marketing, which offers local businesses a unique portfolio of marketing solutions. Mike Tinz provided insight and tips into how small business owners should track their competition.

Review How Your Competitors are Reaching Consumers

Small businesses reach out to consumers through specific ways and it’s important to have an understanding about how other businesses are reaching and finding consumers. Mike Tinz spoke of the importance of reviewing the media competitors are using to reach consumers.

“Review the competitive landscape and the media your competition is using to reach consumers.  This includes where they are advertising and what offers are being leveraged.  This will give you significant insight on how to plan your own marketing efforts,” said Tinz.