As an entrepreneur, knowledge of the strengths and weaknesses of your competitors can help you to build a stronger business.
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 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
Sylvina Consulting can help you by comparing your company to one or more of your competitors, from the point-of-view of the independent representative, hostess, and retail customer. We can then report back to you where you win and where you fall short.
To learn more about the competitive environment for your company, we can:
- Review information provided to us on your competitors.
- Conduct in-depth independent research on competitors.
- Prepare a Competitive Analysis Report, comparing your company with others.
We do not provide information on competitors when they are or have been, our clients. That would be a bad idea.
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. Our book is available in English and Spanish.
One of my favorite sayings is, “Any degree of difficulty makes it less likely a customer will buy from you.”
What if a person has a question about your products or your income opportunity, but there is no easy way to call or text you because you’ve chosen not to include your phone number on your website?
What if you do give people an opportunity to email you, but your website says your company will reply within 24 hours?
Click! Your website visitor may have just left your website.
Now he or she has gone to your competitor’s website that does have a phone number or at least a way to get a quicker response to their questions than waiting up to a day.
Don’t drive your potential customers or recruits to your competitors. Have your company phone number easily seen on your home page at the top and also visibly present on all other web pages. Also, respond quickly to any email or text that may come your way.
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.
For a confidential discussion of your competitive analysis needs, contact Sylvina Consulting at 503.244.8787.
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