Category: Competitor / Market Knowledge

Monitor trends & issues in your markets

It remains very important for small business owners to keep up to date with what is going on in their target market(s).  It is easy to lose sight of the big picture in the battle to keep your business going. 

Posted in Competitor / Market Knowledge

Avoid falling into the catch-up trap

The catch-up trap is set by businesses that continually innovate and develop their products/services in new directions. These are forward-looking businesses that respond to feedback from their clients and develop their products in new and innovative directions. This commitment to

Posted in Competitor / Market Knowledge

Use client surveys to identify weaknesses

Small business owners are not always honest with themselves regarding the weaknesses within their business that could be exploited by a competitor.  Sometimes they think their product/service is much better than it is perceived to be by their prospects.  To

Posted in Competitor / Market Knowledge

Competing against small start ups

If you find yourself competing for sales against small start-up businesses, you will need to exploit their weaknesses while remaining conscious of their advantages.  To help you do this, think back to the days when your business started out and

Posted in Competitor / Market Knowledge

Look at adjacent markets

Once your small business has achieved a steady foot-hold in your initial target market(s), it might be the right time to diversify.  The right time for this will ultimately depend on your business and the size of your initial market.

Posted in Competitor / Market Knowledge

Market trends force you to change

One of the most consistent challenges facing small business owners is that of managing change.  Change cannot be avoided, however hard you might try to resist it.  Gradually, if you don’t change with the times, you will be left behind

Posted in Competitor / Market Knowledge

Competitor USPs & how to neutralise them

Over the last few days I’ve been looking at USPs (Unique Selling Points) for a small business.  It seems increasingly difficult these days to carve out some unique angle that is hard for competitors to copy.  Even if a USP

Posted in Competitor / Market Knowledge

Learn from new clients, new suppliers and new staff

The other day I was reflecting on how different it is today to set up and grow a small company compared with 15-20 years ago.  It is completely different and much of the transformation has been due to technological developments. 

Posted in Competitor / Market Knowledge