Spying On Your Competition

Karoli looking foward
photo credit: ckaroli

Many business owners wonder how they can get a little inside information regarding their competitors such as their products, services, prices and more. I have put together a small list of some very helpful tips on spying on your competitors that I recently came across while reading an article located on Forbes.com.

Believe it or not, trade shows are not just another way for you to meet new business contacts and show off your latest products and services. They are an awesome way of finding out some inside dish on your competitors. What better place then where they have their products, services and prices right out there in the open for all the world to see?

Many retailers hold team meetings right on the sales floor during the opening minutes of the work day. “Shop” near the powwow and you may happen upon valuable intelligence. If you are a competing retailer, and you overhear that certain items are selling well, you might want to give them more play at your shop. If you are a supplier, listen for which competitors have been tardy with shipments, so you can get in front of them.

You may want to also try connecting with your customers. There is a good chance they have most likely visited one or more of your competitors and may have some information that they could furnish to you through everyday conversation as they are browsing your store.

Last but not least is checking out the want ads. Many business owners run their specials, new products, sales, and more in the local newspaper, online or even on TV, keep up on watching out for these if you want to know their latest details.

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