Step 3: Competitors and suppliers
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Researching your competitors will give you key information about their businesses, including their location, what prices they charge, the quality of their products and services, how they find and engage with customers and how they advertise.
Finding the right suppliers is an important part of providing your customers with quality products and services at competitive prices.
Your competitors and suppliers can operate either:
- 'brick and mortar' businesses (i.e. selling to customers through a physical shop)
- online businesses (i.e. selling to customers through an online shop).
Researching brick and mortar businesses
To research competitive businesses you can use a wide range of business directories, including Yellow Pages, True Local etc.
Researching online businesses
Use search engines and other online tools
- To find out which businesses are selling online, type the name of your products/services or business type into a search engine (e.g. Google).
- Search social media to find out how these business engage with their customers.
- Check online customer reviews to see what people are saying about particular businesses.
- Compare your business to your competitors by using the small business business performance tool from the Australian Taxation Office.
- Use a business planning template to record the results of your market research.
- Learn more about different research resources for business and industry.
- Find data to support your market research from the Australian Bureau of Statistics (ABS).
- Find out more about your competitive advantage.