I was recently teaching a seminar on marketing plans and of the 17 business people in the room, one was able to right away tell me who their competitors are.  What does this mean?

Assuming these 17 people aren’t that different from other small businesses, this means there are a whole lot of businesses out there who don’t know who they’re competing against.  And without knowing who the competition is, how can a business know if it’s measuring up?

It is a crucial part of a company’s marketing plan to know not only who the competition is, but also to know how you compare.  What does the competition do better?  What do you do better?  What differentiates you?  Once you can answer these questions, you know where you can focus your marketing and where you might need to improve.

Who is your competition?

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