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PREPARE FOR THE RECOVERY: RESEARCH COMPETITORS

Competitive IntelligenceThis is the fourth post in a monthly series dedicated to preparing your business for the upcoming economic recovery. Today, I discuss gathering competitive intelligence, one form of market research which can easily be performed by the small business owner in preparation for business growth.

Market research is the foundation of business strategy. Good market research validates assumptions, informs strategy, and inspires business vision.

What do you want to know about your competitors?

1. Product assortment
2. Services and how they are delivered
3. Locations and Distribution methods
4. Company reputation among suppliers and partners
5. Marketing plans and strategy
6. Management strategies
7. Executive changes
8. Promotion and pricing strategies
9. Customer service strengths and weaknesses
10. Positive or negative public relations
11. Customer buzz: Identify advocates and naysayers
12. Financial position
13. Credit policies
14. Advertising : Appearance and content
15. Website analytics

This is just a starting point for your research as each business will have different list – the imperative is to begin your research with purpose. Create a spreadsheet to make notes of your observations and analysis for each key factor.

Where can you find competitive intelligence?

A competitor’s website is the natural starting point for research. Web presence (or lack thereof) points to opportunities and threats based upon the products and services defined and the marketing message encapsulating the company brand. However, the competitor’s website does not tell the full story so use the following websites to gather more intelligence on your rivals:

1. Do a Google search on your target and see where your competitor has an active online presence. Do they have a Facebook page? A Twitter presence? A branded community? Check out where your competition is most active and assess the engagement level of their customers.

2. Compete.com and Alexa.com can be used to evaluate web traffic to your competitors’ site vis-à-vis your website and can also determine the search keywords visitors use to locate their site.

3. Have your competitors recently changed their website? Are you interested in seeing the web archives of their website? Check out http://web.archive.org to see all archived web pages of your competitors. A product such as Copernic Tracker is worth the nominal fee as a way to gather timely future content changes on your competitor’s website – all you need to know from new products to promotions to new customer recommendations.

4. Where do customers and experts in your industry add ratings and reviews? If you are a restaurant, check Yelp and Urban Spoon to see what is being said about your rival. If you are a contractor, check Angie’s List. Are you looking for consumer product reviews? Check epinions.com or pissedconsumer.com. Consumers are increasing their participation both as critics and brand ambassadors so you will likely find real consumer feedback about most businesses.

5. PRNewswire.com provides a history of news releases relevant to a company or products in the business of creating press releases over a period of time.

6. Check the buzz about your competitors on social networking sights using www.search.twitter.com, www.boardtracker.com , www.boardreader.com , and www.socialmention.com. You will be able to read comments, assess sentiment about your competitors, and identify their issues which can become your opportunities. Using social networking intelligence, you can also determine who your competitors critics and evangelists are and why.

Who should you include in your competitive intelligence search? Obviously direct competitors in your target market are included but don’t stop there. Broaden your research to include similar businesses in other markets – you may gain inspiration from their marketing practices. Don’t forget related businesses that may be expanding product lines in response to the recession. For example, many home construction companies are now actively pursuing the remodeling market as the new home market declines.

Combining competitive intelligence with customer research and market trends will help you craft business strategy to propel you out of the recession and into growth. Using inexpensive web-based tools, there is no excuse for the small business owner not to have access to high quality research that used to be the sole bastion of large organizations. In the next few posts, we will discuss tools and methods for researching customers and trends.

What are you using to keep track of your competitors?

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THE RECOVERY IS COMING

ready setEvery economic recession comes to an end and this one is no different. Will you be ready? Today I begin a new blog series to outline smart moves you can make now to prepare you for the upswing when it comes.

Innovation does not take a break during a recession as witnessed by the success of the following companies started during recessions: General Electric, Microsoft, CNN, Hewlett Packard, IHOP, Burger King, and Hyatt among many others. DuPont, Sears, and Merrill Lynch are great examples of companies who repositioned themselves and emerged even stronger from the Great Depression. Products such as the chocolate chip cookie, the car radio and supermarket were invented in the Great Depression among a long list of innovations which have become part of our everyday lives. Capital sources may not be plentiful during periods of slow economic growth, but no one can put a limit on the human imagination.

The first step in preparing for the upswing is to shift your thinking and accept a few new truths:
1. Somebody is spending money.
2. Money is being made right now. Just as not every business thrives in a booming market, some profit in a downtown.
3. Businesses are acquiring new customers.
4. Businesses are listening to their customers and inspiring loyalty.
5. New partnerships are being developed.
6. New computer applications are being implemented to eliminate inefficiencies and increase productivity.
7. Company cultures are being revitalized and employees energized.
8. Ineffective staff and suppliers are rising to new levels of expectation or their services are no longer required.
9. Innovative new trends are springing forth every day. Smart companies are on the watch and are either responding to the trends or creating their own.
10. The economic downturn will end and a new cycle of prosperity will begin but the start of the cycle is rarely recognized until it can be seen in our rearview mirror.

While some are focused upon the chaos and wallowing in their misery, others see only opportunity. Which do you want to be?

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Don’t Go It Alone – Partners Help You Climb Higher!

web slider climb mountainIf you run a business, you know how essential it is to regularly monitor and measure the vital signs of your business, such as sales, profits, and project milestones. No matter your size, very simple processes can be put into place in a few key operational areas which can scale and grow in complexity as your business grows. But for me, it is not just the structure of processes which creates the framework for accountability – it is the key people and partnerships which keep me on track and help give life to the creative ideas that may otherwise be stuck in the “what if?” file in my mind.

Mastermind Team: I am in a group of 6 fellow business owners (4 original members) which has been meeting semi-monthly for almost 10 years. Initially begun as a group of ex-colleagues meeting to stay in touch, we became a formalized group with a structured agenda. All of us are entrepreneurial moms who work from home and have found that meeting regularly, declaring our goals, sharing our successes and struggles helps us to develop and maintain strong individual businesses (and balanced lives). Each of us began this journey with different corporate and life experiences only adding to the richness of the collective – synergy, if you will.

Coach/Mentor: Anne is a powerhouse sales executive who I was lucky enough to meet in my early 20’s when she took me under her wing. Initially supporting me as I navigated the corporate rat race, she was the first person to encourage me to become a coach and consultant and remains the person I can call for counsel with “I have this idea. What do you think?” Anytime, any day, she gives it to me straight.

Virtual Communities: I have been joining online communities and forums since the start of my business. There are so many amazing communities focused on small business and niche topics. Recently, I joined two new membership forums (ProBlogger and Third Tribe) focused on blogging and internet marketing, communities focused upon skills I am developing in support of my business strategy. In both cases, I was looking for the support of others who have “been there, done that” because I wanted to learn from the best. Communities provide a place of mutual support for entrepreneurs like me to declare tactical goals and check back with progress and feedback on work in progress in a positive learning community.

Each Accountability Partners fills a different place in my life and business and I take the responsibility for my role in the partnership very seriously.
My short list for making these partnerships successful:

1. Respect time. Whether paying a fee or not, show up when you say you are going to show up.

2. Respect the commitment. Do homework and follow through on your promises. Respect yourself and the process enough to invest time outside of the scheduled meetings.

3. Give – as much and as often as you can. Everyone wants to know you value their contribution to your business. Even in a mentor partnership, the mentor appreciates a word, a card, a written recommendation, a referral, a small token of appreciation. Yes, even the truly altruistic are grateful for appreciation – we all want to know our lives mean something to others.

Do you have Accountability Partners? How do you make the relationships successful?

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Books for Business Inspiration

nullOver the holidays, I caught up on some much needed rest, relaxation, and reading (love my Kindle!) I was looking for inspiration and found it in two books which are now among my personal favorites. I share them with you for encouragement as you begin the New Year and New Decade.

Ignore Everybody: And 39 Other Keys to Creativity by Hugh MacLeod of Gaping Void

Although this book was released a few years ago, I finally got around to reading it and consider the advice timeless. It is worth every bit of positive press it has gotten for MacLeod’s irreverent way of inspiring creativity using his own story of success and art created on the back of business cards. Hugh’s wisdom will kick you in the pants and inspire your imagination. Here are a few gems from the book:

“The idea doesn’t have to be big. It just has to be yours.”

“Good ideas have lonely childhoods.”

“Everybody has their own private Mount Everest they were put on earth to climb.”

“Merit can be bought. Passion can’t.”

“The best way to get approval is not to need it.”

Exploiting Chaos: 150 Ways to Spark Innovation During Times of Change by Jeremy Gutsche of Trend Hunter
Believe everything you have read about this book – it is simply amazing! Some of the 150 points of wisdom were so inspirational; I found myself putting the book down just to absorb the meaning and consider applying the ideas in my business. Best of all, the points were presented with concrete suggestions for spotting trends and applying them with the Trend Hunter Adaptive Innovation Framework. A few of my favorites:

“Don’t become a boiled frog.”

“Exploit crisis to accelerate change.”

“The right questions don’t change as often as the answers do.”

“Make failure a part of every day.”

“Fight the confidence that you know your customer.”

“Convey everything in 7 words or less.”

These two books will stay within handy reach of my desk in 2010 for those moments when I am searching for motivation, inspiration, or renewed enthusiasm. If you’ve read them, let me know your thoughts. What other books do you reach for when searching for business inspiration?

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Nurture the Soul of Your Business

Are you creating a new year plan for your small business? If you are like most entrepreneurs, your plan includes a full list projects, strategies, campaigns and promotions requiring investment of your time and budget. As you reflect on past successes and look towards the future, don’t forget to plan for activities which nurture the “soul of the business” – you! You cannot do your best if you are “running on empty” – here are a few suggestions to fill your tank with energy.

1. Increase your social networking participation and expand your professional circle of contacts with Groups. Thousands of business and professional groups have active memberships on Facebook, LinkedIn and Ning focused on every conceivable topic and business segment – you will surely find one that suits your interests. Once you join groups, participate! Listen and learn from other experts. Giving freely of your expertise as a mentor is a heartening experience and helps build connections with other professionals (and generate leads). Linked In has a remarkable Answers section where you can ask a question which is open to the millions of LinkedIn professional membership for their collective wisdom.

2. Join a Twitter Chat. A Twitter Chat is an open virtual meeting uses the micro-blogging platform Twitter. I make chats a part of my weekly routine and have become connected with a great group of professionals and small business owners throughout the world. You can find a live chat on a large selection of areas of interest such as business branding, marketing, social media strategy, and other small business topics. A spreadsheet list of Twitter chats is located at http://bit.ly/7QYqrZ.

3. Commit to your personal development with web-based education. Every possible level of education is available to the small business owner. Community colleges and universities have an amazing array of credit and non-credit courses. One of my favorite sources of high quality online education is www.ed2go.com which provides a wide range of small business classes which augment online instruction with group forums for interacting with other students and facilitators.

Webinars (web based seminars) can be found on any topic, personal and professional, and are provided by consultants, technology vendors, government and small business associations. Facebook, LinkedIn and other social networks provide listings of business events sponsored by their millions of members. Don’t worry if you can’t make the scheduled class time – most webinars are recorded so you can participate at your convenience. Nurture your body and business soul at the same time – download a webinar or podcast to your MP3 player and go for a walk.

4. Create a virtual Mastermind Team. A Mastermind Team is a small group of non-competing entrepreneurs who meet on a regular basis to support each other’s businesses with advice, constructive criticism, and encouragement. Meetings can easily take place using software such as Skype, GoToMeeting, or similar web-conferencing options.

5. Hire a business coach. Regular phone meetings with an accountability partner fully dedicated to your success and willing to act as a confidential sounding board regarding strategic thinking, issues resolution, or decision-making is a tremendous gift every entrepreneur deserves.

There are countless ways to leverage the internet which contribute to your personal growth, reduce feelings of isolation, provide inspiration, and increase your sense of contribution to the world at large. But, it’s not enough to simply join a group or sign up for a class. You need to make your personal and professional development a priority – show up and engage!

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