Knowing your competitors is a key ingredient of your market strategy. Here are some questions to help you get to know "the other guys."

In order to be successful, business owners must know their market, and this includes the competition. Competition can either be direct or indirect. Direct competition is a business offering the same product or service to the same market. Indirect competition is a company with the same product or service but a different market.

Getting information about your competitors can give you the leading edge, as it can show you ways in which your company can be unique and can benefit the customer.

Here are some important questions to which you should find answers in order know your competitors:

• What services are offered by competitors that you don't offer? Are you and your employees as well qualified to serve as specialists or customer problem-solvers as your competitor?
   
• How do your competitors treat their customers? Is their service prompt and efficient?
   
• Do your competitors accept credit cards or charge cards for their services that you do not accept?
   
• How does your company image compare to your competitors?
   
• Can you answer questions about your competitors products and services knowledgeably and objectively?
   
• Who keeps more complete records on each customer -- you or your competitor?
   
• Do you mail a thank-you letter or send an email after each sales call, whether or not a sale was made? Does your competitor?
   
• What equipment does your competitor use that is better than yours?
   
• As you watch the product display of your competitor, do the products seem to be moving? How soon are they marked down or moved to the sale table?
   
• How many times has your competitor had his name in newspapers in the past three months? Count only the times for free publicity such as announcements, promotions, seminars, sponsorships, donations, speeches, etc. How many times has your name been published for these reasons?
   
• How much advertising (number and size/time) does your competitor do each month? How much do you do?