Knowing your competitors is vital for any business that wants to grow. Often, competitors can be more than the obvious. For example, to a growing and changing newsagency, competitors could be local toy, gift and other shops.
With growing newsagency businesses reliant on new traffic outside of what is traditional for our channel, it is vital we take a broad view when contemplating who our competitors are. This broad view will help inform our competitive positioning.
Tough as it is, we have to look at businesses near ours we can take customers from. It is business after all.
The most valuable competitive options available to us today are those where we target single category businesses are they are more likely to be weak. Our diverse traffic mix is a strength. We need to play to this through this period of transition as we diversify the appeal of our businesses.
Yes, competition is tough, brutal. How hard you fight, how hard you compete, depends on how much you want a future for your business.