Learning from Chef Gordon Ramsey – Know Your Competition

How does your business, your affiliate site, your service organization fit in with your competitors?

Whether you are a local restaurant, like in the video below, or you run a niche retail site, knowing how you fit in with your competitors can be the difference between throwing money down a pit and reaping the rewards of a successful business.

Watch the video below from Kitchen Nightmares.  In the video, the owners of the restaurant never looked at their business compared to what else was available within a few blocks on either side of them.  When they did focus on that for a moment, they saw what their customers needed that wasn’t being served.

Start at about 2:18 into this video:

When was the last time you evaluated yourself compared to the competition?  What assumptions have you been running on that are no longer valid?  What have you changed in your business after doing a thorough competitive analysis?