Most businesses don’t do this (believe it or not) but the information obtained can be really helpful in keeping you out in front.
- Obtain your competitors’ brochures and promotional materials to find out what they think are their strengths and how they promote themselves. Look at trade journals for product comparisons and reviews
- Review their entire website
- Collect other information by researching business databases such as Dun & Bradstreet
- Meet with your customers and suppliers and ask them for their opinions on where you are better (or weaker) than your competitors
- Analyse the information and prepare spreadsheets showing comparative strengths and weaknesses
- Prepare an action plan for improvement!