How many times have you heard some company or person say that they have no competition. That what they do is no unique that they have the market to themselves. That they don’t CARE about what their competitors are doing.

Well, these people, if they are serious, are deluding themselves, with an attitude that will ensure their demise. EVERYONE has competition, and usually more of it than they know.

If you are a physician with a weight loss program, you may think that because you are a doctor, people will automatically come to you rather than Weight Watchers, Jenny Craig, NutriSystem (If I build it, they will come.) Not so. Dieters just want a few basic things: a program that works, is easy to use, has a good price, and convenience. If they can also get that from a chain diet service, an MLM distributor, a website, an app, a celebrity diet book, a workshop, infomercial, mini-clinic at a drug store, etc., then ALL these providers are competitors.

Not tracking your competition is a BIG mistake. What competitors do matters. They may lower their prices, offer more convenience, launch innovative new services, or slip up with a public relations gaff or a bad advertising campaign. If you don’t monitor them regularly, you’ll miss out on opportunities and new ideas. Plus, there may be competitors out there that you don’t even know exist–and they will erode your sales over time.

That’s where market research comes it–things like market studies, focus groups, feedback from your salesforce, clipping files of articles about competitors.

No competition?  Bull! That’s sticking your head in the sand.

Note: To view ongoing business posts by Marketdata’s President and Research Director, John LaRosa, and to learn about our various market & industry reports, and to obtain free Press Releases, visit marketdataenterprises.com, or email: john@marketdataenterprises.com.