When you take the time to do research, you’ll learn things you didn’t know, some of which you can use to your advantage.
Direct selling companies have three types of competitors:
- Traditional retail or internet-based companies who sell the same or similar products or services
- Direct selling companies who sell the same or similar products or services
- Direct selling companies who offer other income opportunities
The first step in competitive research is to identify the companies you decide are your primary competitors.
Don’t feel like you need to identify them all, because that is impossible. Instead, identify at most ten of them.
For each of your identified competitors, gather the following types of information:
- Channels of Distribution
- Products / Services
- Website Features
- Social Media Strategies
- Marketing Strategies
- Competitive Advantages
- Keys to Success
- Missed Opportunities
- Enrollment Options
- Compensation Plan
- Product Sales Approaches
Research For A Purpose
While you are researching these companies, identify and write down the attributes that you would like to incorporate within your business. At the same time, determine what will make your company different from others.
In our book Start Here: The Guide To Building And Growing Your Direct Selling Company, we include a competitor profile form designed specifically to capture the most important information for direct selling companies who do research on their competitors. Now available in English and Spanish.
Not One And Done
Competitor research is an ongoing process. Continue to monitor the activities of your competitors on a monthly basis.
At the same time you are looking outward, focus on your company by identifying additional unique selling propositions to help people in differentiating your business from others.