Having worked for Rob Carter at Action Coach, I have heard it said many times that a successful business should adopt an abundant mentality: promoting the idea that there is enough business for everyone, you just need to go out and get it. I completely agree with this approach and believe that life is certainly too short to spend nights awake and worrying about your competition!
Saying that, I don’t think that means forgetting about your competition all together. There are lots of things you can learn from the competition:
- Model yourself against your biggest, most successful competition
- Learn how not to do business from the your worst performing competitor
- Find out how your competition are profiling themselves
- Understand where you need to advertise or make an appearance to keep your place in the industry
You don’t need to worry about your competition to want to understand how they operate better and make sure you are keeping up. So here is how you could carry out a quick review of your main competition: Choose your top four competitors, look at a variety from your top local competitor to the biggest or best company in the market;
Have a look on their website considering the following:
- The design and overall look
- How are they presenting their story, ethos and USP?
- Who are their target markets?
- What are they writing about in their Blogs?
- What do their client reviews say?
Have a look at their social media platforms:
- Which platforms are they using?
- What is the general message and image?
- Who are they approaching?
- How many followers and likes have they got?
Have a look through local and industry magazines:
- Are they advertising?
- Have they placed any editorials?
- What image are they portraying?
- What are they promoting?
Now that you have the information, ask yourself how you and your company compare to those you consider to be competition; what nuggets could you take and adopt to make your image and marketing better?
Do note that competition research can go much beyond the above and include a variety of tools comparing web traffic, target market engagement, effective customer journey and the like. You decide how deep you want to go as long as you don’t ignore your competition.
No time to carry out a review? E-mail us and we’ll see what we can do to help!