From an information point of view, it is of the utmost importance to know and understand what your competition is up to. The saying “Keep your friends close and your enemies even closer”, really applies in this case. You need to see what kind of prices they are charging and what products or services that are offering or even how they are packaging and promoting their offerings.
Whilst it is important to know what the competition are doing, it is equally important not to follow exactly in their footsteps. You need to be unique in what you do and you need to develop your own strategy.
So if your competitor puts everything on sale at less 50%, it is not necessary for you to put everything on sale less 55%. This can only result in a really ugly price war.
Rather think of, or come up with innovative ideas on how to give better value. Most people know that the best is not necessarily the cheapest and that the most expensive is not always the best. So find ways of adding value, best value.
Do some research on your target market – find some need that has not been met or something that your competitor doesn’t have and add it to what you offer. Make what you do or the way that you do it, not only different but also irresistible.
Make your client conscientiously choose you, your products, your services before they go anywhere else!
Set yourself apart from the rest.