Have you done your research on local or national business that offer the same products or services as you? Seems like a trivial task, but it can be much more beneficial than you might think! Knowing these factors about your competition can help you make decisions in your own business: 1. Pricing: tiered pricing, add-ons, discounts, shipping 2. Quality of product: hand-made, outsourced, custom (this goes hand in hand with pricing) 3. Quality of service: direct or indirect communication with consumer, customer reviews, feedback options 4. Customer target: local, national, homeowners, parents-to-be, college students, etc. (specific or non-specific?) 5. Marketing: website, social media (how many platforms?), content, user engagement Checking out your competition is one of the best and easiest ways to figure out what you want to adopt in your own business model and what you want to throw out. Have you done your competitive analysis yet? If so, share your findings in the comments!

Posted by Reonna - Community Manager at 2021-06-23 16:26:06 UTC