Banjo's LAM Guide _2017-2018

Competitor Research Whether you want to admit it or not, they’re out there and they’re hungry for your customers. When you monitor competitors on an ongoing basis you’ll be ahead of the game - you’ll get to know their behaviour and eventually be able to anticipate what they will likely do next. You can then plan your LAM which will help you keep your customers and win customers away from your competitors. Make a list of all the bakeries, cafes & supermarkets in your area. These are your competitors. You should conduct competitor research regularly to ensure you know what prices they are selling their product for, the quality of their merchandise and any new products. This will enable you to work out what strengths and weaknesses your competitors have and whether they will be a threat to your business profitability. Go beyond a Google search Try Google Alerts . It’s a great research tool to help keep an eye on your competition. Set up alerts for all of your competitors so you can see what they are up to - you can set up an alert for your own store to see what others are saying about you. Tap into social networks Many businesses today use social networking sites - Facebook, Twitter, Instagram and Linkedin as marketing outlets. This offers a great insight into what your competitors are doing, simply monitor tweets and hashtags, Facebook and Instagram posts, they give you an immediate look at your competitors latest offerings, up to the moment updates and consumer sentiment. Also keep an eye on review sites for feedback on competitors.

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