One of the most important aspects of starting a new business and delving into it, is conducting comprehensive competitor research in order to fully understand the operations and actions of one's competition. Given the expansiveness of the company being worked on, often times many new businesses will focus on their local and surrounding competition in order to grasp a full understanding of what they are up against, and how best to improve upon that businesses current strategy.
- Comparisons can be made to gauge why one business gets a better Google ranking than another.
- In a random study of two Chinese restaurants, one outranked another but it was unclear as to why.
- Proximity of customers to one versus the other could be a deciding factor.
“Because of this phenomenon of distance, it’s vital for business owners to be educated about the fact that they are serving two user groups: one that is located in the neighborhood or city of the business, and another that could be anywhere in the country or the world.”
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