Competitive Research and Google

It all started out with an email message: "I am starting a new one of a kind company ... at least I think I'm one of a kind ... how do I find out who else out there might have beat me to the punch? And how do I build a web page to advertise my hopefully one of kind new business?"

This is a rather vague question but I'll try to be as helpful as possible with my answer. First off, I have to say that as a management consultant, I am always leery of people who think that they have no competition. With few exceptions, if there aren't already some sort of businesses in the space you're exploring, you need to ask the question why? before you congratulate yourself on coming up with a remarkable innovation.

That isn't to say that you shouldn't bother if there are already companies doing what you want. Not at all! If you can come up with a new or unique angle, price the service/product differently, or even just do a better job of the same thing, there's no reason you can't be a great success.

This all assumes that you know exactly what business you're in, and that's a really important first step. There are lots of people with good ideas that don't actually translate into good businesses. You need to have an idea that will lend itself to producing a revenue stream, for example, because non-income companies are, well, an oddity of the dot-com bubble and nothing more.

One smart way to learn more about focusing your business idea is to read through my tutorial at Startup101 Info entitled Pitching Your Company to Investors. Whether or not you plan on actually raising investment capital, it'll help you clarify your ideas. Then spend some time working on a business plan too, and that site also has another helpful tutorial called Writing a Great Business Plan.

To proceed with a business plan, though, you will need to be able to identify your competitors and, actually, that's what you asked about in the first place! The first approach I would use is to try to imagine that you're a customer, not a competitor, and ask yourself "how would I find out about companies offering what I seek online?" Probably your first stop would be Google, and that's a very good place to mine for competitive intelligence. If you're thinking about, say, being a mobile auto mechanic, then you'd want to search for auto mechanic and your area, or on-site auto mechanic or similar. The key in this kind of searching is to let your mind wander a bit to come up with creative ways of seeking the same thing. Also, don't forget to read the Web sites you find for inspiration on search terms too.

Once you've found some competition - and I'm sure you will - then you should ask yourself whether you have a geographic advantage for local customers. With a mobile mechanic, you obviously need to be pretty close to your customers, but if you're selling a new type of computer firewall, your competitors can be anywhere on Earth.

Identify your competitors, try to isolate their core value proposition (that is, exactly what they are selling and how), then compare that to what you've envisioned for your own business. If you still think you can compete and that your company can have some clear differentiators in the marketplace, then and only then should you start considering a Web site.

And for a business Web site, the subject of a much longer essay, your key task is to quickly, accurately, and pleasantly convey what problem you're solving for your customers. Oh, and do so in a sufficiently compelling way that you convert visitors into customers, get them to pull out their credit card and actually pay.

This is a lot to digest. Check it out, and feel free to pop back with more questions as you proceed. Good luck!

Dave Taylor has an MBA and an MS Ed. and has been working with entrepreneurial companies as a management consultant for years. His latest projects are startup info, where there are lots of free tutorials on topics important to entrepreneurs, and Ask Dave Taylor, where he fields questions about starting a business and management.

---

Ready, Fire, Aim!

You probably read my headline and thought, wait a minute,... Read More

Image is Key to Your Marketing Success

In virtually any business first impressions are lasting impressions. Most... Read More

What You Need in Your Marketing Calendar

Marketing calendars are used by many businesses to help keep... Read More

Hold Onto What Youve Got

You probably spend a great deal of your time looking... Read More

Matrix Web Sites - Scam or NOT?

While I am not talking about the movie "Matrix", you... Read More

Small Business Pricing Strategies

Think the best way to get more customers is to... Read More

A Pass / Fail Test for Any New Market

If you are considering entering a new target market, with... Read More

Discover 7 Hidden Profit Producing Secrets

Would you like to learn the lessons of the businesses... Read More

Marketing Yourself and Your Business to Thriving!

We all watch the commercials on TV. We hear them... Read More

A Tool For Selling New Ideas!

Imagine tossing a pebble into a crystal clear pond on... Read More

Free Publicity for Restaurants

One of the best ways to get a restaurant free... Read More

Nice Guys Finish First

Volunteering your services can be an excellent way to form... Read More

The Power of Thank You

Sometimes we loose site of the small things in life... Read More

Where to Look for New Donors for Your Fundraising Letter Appeals

Have you ever studied your best donors and wished you... Read More

Three Simple Ideas That Increase Profit? FAST!

Are you spending more time trying to get new clients... Read More

The Great Direct Marketing Conundrum

Many a home business owner has spent sleepless nights thinking... Read More

Using Business and Greeting Cards Effectively

Business cards and greeting cards almost go hand in hand... Read More

What?s Next? A Guide to Marketing Your New Business

Coming up with an idea, seizing the opportunity, and setting... Read More

Create Your Own Rumors

A consultant new in the city asked me how I... Read More

How To Go From Under Dog to Top Dog by Unleashing The Power Of a Postcard

The Tale of Two Dentists...Dr. Namel and Dr. Ivory are... Read More

People Do Business with People They Like

People do business... Read More

Your Marketing Message

Your message is first among your weapons in the battle... Read More

Looking for Sky In All The Wrong Places

Ever sit with a single puzzle piece of clouds and... Read More

Turbo-Charge Your Viral Marketing- Five Easy Ways

The world of marketing has changed. With increasingly better educated... Read More

Testing Your Way To Prosperity

I have always enjoyed talking to a Realtor friend of... Read More

Flesh Eating Spiders And Other Marketing Horrors

After a friend was bitten by a spider, I decided... Read More

Effective List Management Can Save You Big

Let's talk about how to keep your postage costs down.So... Read More

Consider Consumer Psychology

In your marketing efforts, be they on or offline, it's... Read More

Medias Dirty Little Secret

I'm constantly amazed by all of the media reps from... Read More

Fair Measures Corporation

A case study in online "thinking outside the box" The... Read More

Postcards Work

What's the fastest, simplest and cheapest way to promote just... Read More

Strategic Marketing and Tactical Marketing Know The Differences And Profit

Most people mistakenly assume that when you talk about marketing,... Read More

7 Ways to Evaluate Your Marketing Plan

Business owners often find it difficult to know whether their... Read More