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Rich Preach is a compendium of financial awareness. This is an attempt to ignite financial literacy and demystify the tricks of making money. The approach is not a short cut but knowledge driven. The author has tried to keep the vital information crispy and understandable to a common individual.

 
7 FAQs of competition analysis of your business

1. Who are your major competitors?
Identify 3-5 major players in your field. If there is no direct competitor available, look for the alternative products, services or business model available in the market.

2. What are the strengths/ weaknesses of your competitors?
Do a SWOT analysis of your competitors too. Match it with your own chart. Figure out their business strategy, marketing strategy, production volume, market reach, global footprints, cash flow and customer base.

3. What edge do you have over competitor’s products/ services?
Identify your product/ service USP. Your ability to provide a better product/ service solely will let you sustain. So package your product/ service accordingly.

4. What is your competitor’s pricing strategy?
Verify the pricing strategy of your competitor. Do a feasibility study in your own case. Based on niche and unique features of your product/ service you may ask for a premium price.

5. How do your competitors do prospecting and grow business?
Find out all the channels through which your competitors advertise. Keep a tab on all mediums they adopt to reach the prospective as well as existing customers. This should help you in creating a better word of mouth selling for your business and innovate in marketing strategies.

6. What is the market share of your competitor?
You should have two fold goals in mind for the target audience of your business: (i) increase your market share and keep a tab on the shared pies among key players (ii) look beyond the tapped market and new avenues for business growth.

7. How would you leverage the competitive advantage?

Synergize all the above ideas to gain the competitive edge over your competitors. Do not overlook the fact that your competitors are also watching your 7 FAQs!