![]() what types of customer they're targeting.their media activities - check their website as well as local newspapers, radio, television and any outdoor advertisingĬonsult Corporations Canada’s Naming a corporation and the Registraire des entreprises' database in Québec to check the availability of a company name, and the Canadian Trade-marks Database for the availability of a trade mark.įind out as much as possible about your competitors' customers, such as:.their annual report - if they're a public company.who owns the business and what sort of person they are.how they use IT - for example, if they're technology-aware and offer a website and email.their staff numbers and the calibre of staff that they attract.whether they innovate - business methods as well as products.the devices they employ to enhance customer loyalty and what back-up service they offer.the products or services they provide and how they market them to customers.You can get clues to the existence of competitors from: ![]() You also need to be constantly on the lookout for possible new competition. It can be another product or service that's being developed and which you ought to be selling or looking to license before somebody else takes it up.Īnd don't just research what's already out there. Your competitor could be a new business offering a substitute or similar product that makes your own redundant.Ĭompetition is not just another business that might take money away from you. Indeed, you could find yourself competing with businesses from other countries. With increased use of the Internet to buy goods and services and to find places to go, you are no longer just competing with your immediate neighbours. Even if you're the only restaurant in town you must compete with cinemas, bars and other businesses where your customers will spend their money instead of with you. How to act on the competitor information you getĪll businesses face competition.What you need to know about your competitors. ![]()
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