If you’ve been in business for a while, you should be able to identify your top competitors relatively easily. Who consistently wins work over you? Who frequently appears at networking events, trying to charm the same clients? Which competitors do you secretly wish would just go away? If you’re fortunate enough not to have experienced the bitterness of losing out to others yet, a simple Google search can help you identify businesses offering the same services in your area.
Having competitors in your market isn’t something to worry about – it’s actually a good sign that you’re in a thriving and profitable industry. Competitors show there is a demand for what you’re offering and give you the chance to stand out, innovate and grow. By checking out what your competitors are doing well and where they fall short, you can find opportunities in the market and create a unique selling point that really clicks with your audience.
Competition pushes you to keep improving your products or services, stay on top of industry trends and give your customers outstanding value. Comparing your performance with that of your competitors helps you set realistic goals and track your progress. Plus, collaborating and learning from others in the industry can lead to some great shared insights and best practices.
So, don’t sweat the competition. Embrace it as a motivator for success. Focus on what makes you unique, and use the presence of competitors to keep getting better and leading the market.
What to Look For
For your top three competitors, note down how they position their products or services. Look for the messages in their marketing. Note down common headlines they use on their websites, in social media posts, for blogs and other online content. Explore as much of their sales materials as you can. The list might include sales webpages, brochures, video sales letters (VSLs), webinars, downloads, whitepapers and more.
For bonus points, why not “mystery shop” them to learn about their sales process and get a glimpse of their inner workings and take a note of where they do well and where they’re falling short. You could call them up, message them via their Facebook page or fill out a contact form. See how they service clients. Do they respond immediately? How do they answer the phone? Do they have a web chat widget on their website? Do they have a lot of five-star Google reviews? Check out their client feedback through online testimonials. What do people have to say about them? These are all things you should write down and use as market intel. This will give you some ideas for how you can improve your own services.
In terms of advertising and offers, think about:
- What claims do your competitors frequently make to the marketplace?
- What promises do they give prospective clients?
- Do they have a ‘unique mechanism’? (In a nutshell it’s a “branded” feature within a product or service that differentiates them by addressing a particular customer need or problem.)
- Are they running ads? What do they say? How do they present themselves? What offers are they running?
Find Your Advantages
Here’s another way to find a competitive advantage. When you’re researching your competitors, make a note of areas where you can gain an edge over your competition – you don’t always have to disrupt or radically change your market.
Sometimes, all you need is to be just a little better, faster or to provide better value in one part of your business. You’re looking for a small advantage, a tiny difference that can give you the upper hand. For instance, if you’re an accountant, you might beat the competition simply by offering a free initial consultation or a faster turnaround time on tax returns. It’s a small difference, but it could be a game-changer.
Once you’ve found your competitive edge, you’re on your way to standing out and making new connections with customers and clients.
Gaining insight into your competitors and understanding their strengths and weaknesses will further empower you to refine your approach, differentiate your offerings and capitalize on market opportunities.
