How To Beat Your Competitors at Their Own Game First, find out who they are. Then, figure out how to stand out among them.

(YoungBiz.com) - So here you are, running your dreambusiness. You've got the hottest new product. It mows the lawn,washes dishes and even does homework. People are going crazy forthis contraption.

So why aren't you raking in the cash? Because yourcompetitor is selling that same contraption four blocks away.

What's going on? You had a great business plan, you'vemarketed the product well, and your sales have been more thanrespectable.

Maybe the answer isn't right under your nose, but down thestreet. Take a look at what your competitors are doing. Are theyoffering the product at a better price? Offering better service?Chances are, they've been in your store to check things outalready and you don't even know it.

Just Who Is theCompetition?
First things first. If you want to beat the competition, you'vegot to know who your competition is. Scout out other businessessimilar to yours. Visit their stores or offices. Buy theirproducts. Examine every detail about what they do, then find waysto improve upon their policies, products and service. If they makethe most delicious giant pretzels this side of the Mississippi,make yours taste just as good, but lower the fat, add more flavors,make them more widely available.

Though there isn't one magic answer, there are plenty ofways to make your business stand out from the rest, beginning withyour...

Product: If your product or service is new and unique,you might attract lots of attention right from the start--soyou'd better have your product/service at its peak condition.It won't be long before new variations will be popping up allover. You have to make sure yours is the best. If, on the otherhand, you're selling something already readily available to thepublic, you need to find a way to get people to come to you forwhat they need.

Price: The quickest and easiest way to stand out is byoffering lower prices than those of your competition. Be aware,however, that this could seriously hurt your profit margin andpotentially cripple your business. Also keep in mind that thecompetition could just as easily lower their prices to match, oreven beat, yours.

Quality: Let's say you have a fabulous idea forcomfortable pantyhose that no woman should be without. You knowthat the biggest problem with pantyhose is that they run veryeasily. So your focus should be on high-quality pantyhose that areless likely to run than others.

Customers want a product that they know will last. Spend timedeveloping something that will be around for a while--not somethingcheap and flimsy that you can sell at a low cost. Consumers willpay more and keep coming back for a superior-quality product.

Service: If your products and prices are nearly identicalto your competitors', make your service unbeatable. Give everycustomer your very best service. For more tips on how to do this,check out AtYour Service.

Geography: A simple way to stand out is to offer yourgoods and services in places where they aren't yet available.There may be 20 grocery delivery services in a major city thatdeliver within a 30-mile radius, but what about the people who live45 miles away? Your business could specialize in deliveries outsideof the city. In addition, if you sell a product, make sure you cantake orders by phone, fax, e-mail or through your Website--don't limit your business to the people who canphysically walk in.

Experience/Reputation: Don't be afraid to toot yourown horn! If you've been making birdhouses since you were age5, and now you're 15, tout your 10 years' experience.Customers would rather buy a birdhouse from someone who knows whatthey're doing.

New to your business? Make people aware of how great you are atwhat you do, and ask your satisfied customers to refer potentialclients to you. See if you can get a local celebrity to try yourproduct. If they like it, ask them to say a few words about it, anduse their endorsement whenever possible.

Other ways to stand out:

• Give your office or building a makeover. If you don't havecontrol over the structure or color, add balloons, a sign or astatue out front. Customers will be more likely to notice yourbusiness, and you never know--maybe they will see it on their wayto a competitor's office or store.
• Match competitors' coupons if it fits into yourbudget.
• Offer home or office delivery for items people normally have topick up themselves.
• Offer a money-back guarantee. This tells your customers you areconfident they will love what you have to offer.
• Ask potential customers to fill out surveys or participate infocus groups so you can tailor your product or service to exactlywhat people are looking for. In return, offer a onetime discount orfree product.
• Last but not least, remember that changes and improvements arean ongoing part of any successful business. Don't be afraid totry something new, and always keep an open mind. You can't riseto the top by staying in one place!