Page 110 - Spring Into Markets

And finally, not forgetting...
D – Direct and indirect competition
Regularly check out the competition and review your offer.
Ask yourself a few questions...
1: What price are your competitors selling their products at — can you match it/better it — how?
2: How do they display their products — do they create more impact than you/look more professional — can you match it/better it — how?
3: Are they generating any extra sales from their customers in the same transaction — is this ‘sale’ a product linked to their initial item or an extra item – can you match it/better it — how?
4: Do they offer ‘good value’ for money — can you match it/better it — how?
5: Are they professional, offering good customer service and quality
products — can you match it/better it — how?
Make sure you are giving your customers a clear reason to buy from you and not them!
SWOT analysis
A good way to assess how your business is trading is to undertake a SWOT analysis. SWOT stands for strengths, weaknesses, opportunities and threats. This will allow you to assess your business objectively, to identify its opportunities and also to highlight any challenges it faces. This will allow you to maximise your sales during year two by planning NOW for any difficulties that might arise as well as enabling you to capitalise on your successes.
110 Your First Year Guide 15