Whether you played soccer in high school or enter your pies in the county fair every year, you’ve experienced competition. And understanding who you’re up against is a natural part of competing well.
Here’s why studying your competitors gives you a leg up in your small business:
- You’ll understand your business’ strengths and can choose how to use them to your advantage
- You can zero in on your target audience based on who’s not already being served … or who could be better served by your business
- Knowing where your competition’s services are lacking gives you the opportunity to shine in those areas and become the no-brainer choice for customers
- Knowing your competitors’ pricing allows you to make strategic decisions about your own
- Finding out what they’re doing online (marketing-wise) can illuminate opportunities to connect with (and convert) potential customers for your business
The information you gather as you research your competition will be super helpful not only as you improve the quality of the services you offer, but also as you market your business and position your services.
That’s why I created my Business Competition Workbook, so you can step out of the dark and into the light when it comes to understanding who you’re up against. Get your free copy right here.
Doing a deep analysis of your business’ competitors will take an afternoon, but I promise, it’s worth it to operate your business with your eyes wide open. Other than taking customer feedback seriously, there’s no better way to elevate the work you do and create a more effective marketing strategy for it.
Do the homework and it will pay off!
If you’d like to dig even deeper, or need help knowing what and how to search online to find and assess your competitors, check out these two articles next:
Here’s the Recap:
- Your business has both direct and indirect competition. Know who they are and how what you offer stacks up. Don’t forget to research both what customers say your competition does well and where they need improvement.
- Once you’ve identified what sets your business apart (whether pricing, services offered or a unique approach), highlight that thing as you market your business. It’ll help potential customers make the decision to go with you.