Understand your competitors

Monitor the way your competitors do business. Look at:

• the products or services they provide and how they market them to customers
• the prices they charge
• how they distribute and deliver
• the devices they employ to enhance customer loyalty and what backup service they offer
• their brand and design values
• whether they innovate - business methods as well as products
• their staff numbers and the calibre of staff that they attract
• how they use IT - for example, if they're technology-aware and offer a website and email
• who owns the business and what sort of person they are
• their media activities - check local newspapers, radio, television and any outdoor advertising
• their online presence - check online networking sites as well as their website

Their customers

Find out as much as possible about your competitors' customers, such as:

• who they are
• what products or services they buy
• what customers see as your competitors' strengths and weaknesses
• whether there are any long-standing customers
• if they've had an influx of customers recently