Knowing something about your competitors in business may not sound good; but it does make sense in business. However, if you want to indulge in this particular activity, better do it in the most ethical and reasonable manner so you won't end up being tagged as a business crasher or something.
Here are some of the legitimate sources of information you can use to get information from similar businesses and those that you regard as competitors.
First, you can actually spy on your competitors from public sources. Public sources include newspapers, magazines, newsletters, other published articles, and television programs. Advertisements and brochures, internet online research services, online cheap newsletters and flyers published by the companies, SEC reports and other public filings made with government or other regulatory offices, analysts reports, industry surveys and reports, public presentations conducted by your competitors during trade shows, fundraisings and conferences, and even flyers and newsletters handed out at malls and other stores. These sources are mostly the most used even by your competitors to know about the current offers, innovations and news about a certain competitor in business.
Second, talk with your competitors' customers. Talking with customers especially those repeat customers can be a reliable source of information about your competitors. Information you can get from customers are of course, the product performance, and the very essential thing which is customer service procedures. Because these customers won't be coming back repeatedly to that store if the store practices poor customer service. However, you shouldn't contact customers for the purpose of obtaining confidential information about a competitor. Customers may disclose information about your competitor's products or pricing, so long as the information is not confidential. The more you know about your customers and their businesses, the better you can meet their needs.
Third, seek third parties to gather information. This is a very sensitive matter or activity that is why you have to make sure that the third parties that you get like a survey company or a skilled individual must be subject to the same standards of behavior that you abide by. The third parties conducting focus groups or interviews with a competitor's suppliers or customers generally don't have to identify you as their client, so long as they identify themselves and their company. While a third party doesn't have to disclose the purpose of the focus group or interview, the third party shouldn't intentionally misrepresent the purpose.
Also, keep in mind that your company can sometimes be legally responsible for damages or losses caused by a third party if you authorized or appear to have authorized any illegal action. This can be the case even if you don't issue direct instructions to the third party but know of the third party's likely conduct and "turn a blind eye". If you engage a third party to gather competitive information, you should have the third party confirm that it is aware of, and agrees to abide by, applicable laws related to competitive intelligence.
Gathering information about your competitors can be a good tool to improve your business like them. Unfortunately, everything has its limitations. If you intend to use either one of those mentioned above in seeking information on your business competitors, you have to know where to cross the line. Sometimes, it pays to be unique in the market, because people are not looking for the ordinary things in buying; they always want something different that no one has.
Author Resource:
Troy Duff works as a businessman and currently runs a printing company that offers cheap newsletters , banners, magazines, flyers, door hangers, catalogs, table tents, presentation folders, newsletters , custom printer and other printed ads.
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