Know Your Competition
How do you make your business stand out from the rest?
It feels hard because you know your competition is trying to do that too.
- Can you look better? Perhaps.
- Provide more? Possibly.
- Price differently? Maybe not.
Knowing who your competitors are and what they are offering can help you to make your products and services stand out from the crowd. By understanding them you can ensure your prices are competitive and can respond more effectively in your marketing with your own initiatives. You can assess threats to your market share, improve your business performance and be realistic about how successful you can be.
“A horse never runs so fast as when he has other
horses to catch up and outpace.” – Ovid
Where should you start?
To have the competitive advantage, take the time to know who your key competitors really are, research their market share and understand, if you can, their strategy. Only by doing this can you work on what your USP really is, i.e., you will know exactly what differentiates you from them, in terms of products, service, price, focus etc.
Knowing who shares your market means that you can identify what opportunities there are for you, your products/services. You want to minimise risk to your business, and by identifying what your competitors are doing you can better navigate the decisions you need to take. Proper business planning will help avoid costly mistakes and ensure you are competing more effectively in the marketplace.
How to identify who your competitors are?
Head over to Google and do some keyword research. Who pops up when you search for some words and terms that you would like to be found under? Look at who has paid for advertising at the top of your search results and then you can see how stiff the competition is in your area and/or field. Drill down further to learn as much as you can about what you could do better than them, and how you can provide greater value.
So, how can you stand out in a crowded field?
It is tough out there, so remember that as long as you manage relationships, develop your business and provide an outstanding customer experience, then you are well on the way to making your business memorable. Get to know who your customers really are, so that you can meet their needs better than your competitors.
Here are some more ideas …
- Confident branding tells us who you are and what you do. Be consistent in the look and tone across your website, emails and social media so that your business is memorable and stands out. You need to resonate with your market and customer base, so nailing this is key.
- Provide impeccable customer service. You are more likely to encourage loyalty as well as word-of-mouth advertising if you respond to orders and queries quickly, efficiently and in a friendly manner.
- Be the best at something different. Think about how you can differentiate yourself from others. Could your returns policy or guarantee make you stand out from your competitors? Maybe it’s your environmental stance or how you source your materials, something that can make a potential customer choose you.
- Eye-catching packaging. How you wrap your products can be used to market your company, so use this to stand out and to make the most of the materials you use.
- Be honest. Customers and clients appreciate being contacted if there is a delay in your delivery for example. Good and clear communication is essential to avoid mishaps. Being honest will improve trust in you and your business.
- Be different and try something new. It is important to embrace change and introduce new processes, products and solutions where applicable. Make full use of social media and apps, and use these to simplify how others interact with you. Do business differently than your competitors and find ways to set your company apart from them.
- Be responsible. How you look after your staff, clients, suppliers and customers all affect how your business is viewed.
- Be memorable. This can be through your products, packaging and customer service, but you can also go the extra mile by remembering who your clients are and their needs. Maybe you could add personalised notes in the packaging, offer free samples or acknowledge birthdays.
Remember that analysing your competition is a valuable process. It enables you to be better at what you do because it makes you more self-aware, meaning that you will make better decisions and be better prepared for new opportunities.
“Companies that solely focus on competition will die. Those that focus on value creation will thrive.” – Edward de Bono
Can I help you with your business?
I can provide you with the support you need to analyse who your competitors are, and how you can stand head and shoulders above them.
Get in touch to arrange a free 45-minute exploratory call and let’s see if we can be noticeable for all the right reasons.
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Find out more about me…
I love to work with entrepreneurs, small business owners, and family teams, who have developed their passion and realised they have the talent to create a successful business.