Scope is essential if you want your independent PC retail store to better compete with others, says Target Components' John Coulter.
He has outlined how retailers can develop their price competition strategy in the latest blog from the distributor's Business Advisory Services division.
Coulter said: "Your strategy defines how you'll respond to the opportunities and threats your competitors pose you. And that means assessing competitor intelligence from a set of contenders.
"The question is what? Or more specifically, which competitors, which products and services, which differentiators - customer care, street presence, etc, and how often? That's Scope. Getting this right is key. Not just because the consequences will drive the amount of work you'll need to do, but because it sets the very essence of your Strategy. Get it wrong and you'll end up doing stuff that misses what really matters."
He goes on to talk about the types of competitors indie retailers should be looking out for, the products and services to compare with their own, including the non-price competitive utilities and more.
Coulter also recommends spending a couple of hours every other week to gather information.
John Coulter is Business Adviser at Target Components, providing business services for free and without obligation. Contact John on 07854 195 718 or email firstname.lastname@example.org.