How to Learn More About Local Competition
Are you located in the Buffalo, New York area? Then news about a Canadian-based gift basket company that’s coming to Lockport is news to know. A short article about the lease signing appeared in The Buffalo News.
“Community Development Director William J. Evert said the tenant will be assembling gift baskets there. It will begin with 3,564 square feet, with the option to increase that area to about 10,000 square feet.”
Information about competitors doesn’t always appear in the newspaper, but when it does, it’s vital for you to read it.
You can find this news the same way I do - by subscribing to Yahoo! alerts. Here’s how.
1. Learn how to set up your alerts through this Yahoo! link, which will take you to their frequently-asked questions area, a section I encourage you to create for your site in this post.
2. Look for the question, “How do I create an alert?” and click on the link.
3. Create your own alerts on gift baskets and other topics that relate to business in your region. For example, if I want alerts about gift baskets in Butte, Montana, I’d set up alerts for:
Use the symbols suggested by Yahoo!, whether it’s quote marks around words or the plus sign between words, to receive Email alerts to your exact specifications.
A similar alert system is available through Google. Subscribe to that one as well, as each search engine uncovers different stories.
How would you proceed if you received an alert similar to the one about the gift basket company that just signed a lease agreement? I’d:
1. Visit the facility to learn if it’s a retail or commercial space (will they sell gift baskets there in a retail environment, or is it a space where they’ll make gift baskets and ship them worldwide?).
2. Research the company online to learn more about them (you can do that because you have the company’s name and Canadian headquarters’ information).
3. Set up a meeting with the community development director or designated assistant to learn more about the company.
Does the last step make you nervous? Consider what might happen if you don’t learn more about this company. In other words, are you ready to go back to working for someone else, because that’s what may happen without this research.
Create a reason for the meeting.
Do what’s necessary (within the law) to learn about the competition.
The bottom line is that you deserve to know what’s happening in your community, especially if it will impact on your profitability.
When you set up Email alerts, you’ll have access to competitive information when it makes the news. Arm yourself today with this free resource.
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