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Who is assigned to tracking information about your competitors in your market? Make sure it is someone who will keep good notes, dig for detail, has no problems asking questions and has an overall inquisitive marketing interest .
Why is it important to know your competitors?
- It is important for your estimators to know their competitors because you need to know what those competitors can do and what they cannot or maybe not want to do in the market.
- You want to know how large they are (sales dollars).
- You need to know their number of locations and where they are located compared to your facilities.
- You need to know what types of products and services they provide, how better or worse their products are compared to yours and how they are priced.
- You need to know how old they are (years of experience),
- You need to know how much insurance they cover vs. your level,
- You need to know how much experience (broad or narrow) they have,
- You need to know their employee turnover,
- You want to know their legal problems,
- You want to know their vendor problems,
- You want to find out an estimate of their win ratios,
- You want to know if they are for sale,
- Who are all of the main owners?
- Are they are unionized?
- Are they public or private?
- What is their credit rating?
- What is their overall reputation level in the region?
- Do they have strong financial backing or are they small and less likely to grow a lot larger?
- Do they have any new products or services that you do not offer?
- How do you fare when compared to their service?
All of these things are important for bidding purposes and helps to determine your pricing.
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