The other day, I was speaking with a small business owner. She was telling me how she does competitive research. She is in a niche marketing (wigs) where there are high margins. This means that you always have to be on your toes and need to be able to adapt quickly.
She finds ways to offer more value and ensures that her pricing is competitive. She follows what her competitors are doing on social media and even signs up for their emails.
If you are not doing competitive research, you are doing yourself a disservice and may even be putting yourself out of business.
My challenge to you is to:
1. Go out and do a competitive analysis yourself.
2. Hire someone to do a competitive analysis. Someone like iContact, agency or freelancer can help you.