Sometimes your competitors will have better deals on products or services that you just can’t compete with. It’s something that every business owner will have to deal with at some time. Researching what your competitors are actually earning off this deal is key though to your success.
Competition analysis helps you to find out what encompasses your competitors deal(s). Maybe your competitors are a bit bigger than your business and customer service isn’t their strong point. This is something that you can work off of; making sure that the customer is personally helped always instead of being treated like cannon fodder with your competitors.
Even matching your competitors deal(s) and adding in a bonus discount or gift will help because anything that is cheaper than competitors will always bring customers in. People love free stuff; free gifts are a magnet to bring people in for business.