Articles & E-books

Competitor Evaluation Worksheet

Posted: November 7, 2006 04:27 PM
We've added a Competitor Evaluation Worksheet to our list of free tools for retailers.
We've added a Competitor Evaluation Worksheet to our list of free tools for retailers.  Click here to download a pdf file containing a sample competitor evaluation worksheet for four stores.

This worksheet is taken from an actual project, though we've changed the actual competitor names to "A", "B" etc.

When we work with a client, we ask the client to take digital photographs of each competitor and assemble a variety of facts about each competitor's location and business practices as well as their merchandise mix.  All of these go into this format, using our own criteria that we share with the client.

In some cases, locating a store in the same general area as an existing competitor isn't a bad idea.  If they are a mediocre specialty comics retailer, what they have done is a lot of "missionary work" for you, helping create a market which is often under-served.

In a different, recent project there was a pre-existing competitor located in a dreary, inaccessible part of the community.  While they had cheap, cheap rent; they also had short business hours and a narrow range of merchandise.  We recommended that our client locate about a mile-and-a-half from them in a far superior location.

And then there are times where an established store is well-located, well-run and well-merchandised.  Going head-to-head with them in that case generally doesn't make a lot of sense.