10 Steps to Researching Your Competition Online
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Regardless of what business you're in, you have competition, or other businesses who are clamoring for the same consumer dollars as you.The competition may or may not be in the same industry, e.g. if you own a movie theatre, your competition will be all venues providing entertainment, such as bowling alleys, theme parks, skating rinks, miniature golf courses, in addition to other movie theatres. Take a moment to determine what business you're in and determine if your type of business might also attract consumers from other industries.
As an online business owner, your competition may not be as easy to gauge, especially if you don't have a retail location for your business, or if you have a global virtual company where you can work with clients regardless of location, as many coaches, consultants, virtual assistants, graphic designers, speakers, and website designers do. How do you begin to assess your competition when your business has no geographic limits? It's very similar to the steps that a traditional business might take, but it's all done online.
Here are the ten steps I use to research my competition online:
1. Brainstorm all known competitors. If you've been in business for any length of time, you probably already have a good sense of which other companies offer what you offer. Look up their websites and make a note of the website addresses. You'll be using this information later.
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