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"You are considering Acme to refinish your furniture? They are an excellent choice but they tend to use a lower quality varnish than we do and, although their results are excellent, we have found that our results are equal to theirs and
finish lasts longer."
The first step, then, is to identify your competition. It may not always be as obvious as you think. A movie theater, for example, competes with other theaters as well as with other forms of entertainment. After all, people who want to be entertained have many different choices besides seeing a movie. Another example: a gift basket business has to compete with other basket makers as well as other forms of gifts.
After competitors have been identified, you must become familiar with what they do and how they do it, comparing your business to theirs and why someone would want your product or service over theirs. I would be surprised to find a successful auto salesman (key word being "successful") who doesn't know just as much about competing vehicles as he does about his own. That way, he can ask what else his prospect is considering and discuss his products with their weaknesses in mind. And, at same time, he appears to his customer to be knowledgeable, dependable, and helpful!
Know your competition. It's best way to be best.
"Make More Money and Have More Fun" with your small business! Dave will show you how with his FREE newsletter, or his FREE 'Min-E-Seminar': "Secrets of an Actual $5 Million Home Business." Visit http://www.TheStayAtHomeCEO.com/art.htm to sign-up, for information on speaking services, or for copies of past articles and newsletters. Comments and/or questions are always welcome at 1-800-366-2347 or Dave@DaveBalch.com.
