In today’s competitive landscape, it’s more important than ever for your business to stand out from others. There are so many options for clients or customers to choose from – so what makes them choose you?
Before answering that, it’s worth conducting a competitor analysis to understand what’s happening in the market and assist you in shaping your strategy to outshine your competition.
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Competitor analysis is a great way to spot opportunities to innovate and enhance your services and products. You will learn:
- Your strengths and weaknesses – to inform your positioning and the image of your business that you want clients and customers to have in their minds. Plus, give you an understanding of where you fall short of their expectations, so you can invest time and resources in improving.
- Your market – so you can identify things you didn’t know or didn’t consider beforehand or highlight gaps between what your competitors offer and what clients or customers want. This way, you can expand your offer to satisfy those needs.
- Industry trends – to understand the way the industry is moving as a whole and evaluate whether some services, processes or products create better value for your clients and customers.
Competitor analysis doesn’t need to be complicated. Choose 4-5 potential competitors (whom clients and customers would turn to if they didn’t choose you) to undertake a basic SWOT analysis. Research and review areas such as their products and services, pricing, target clients, branding, how they market their products and services, company size and geographic location. There are plenty of places to gain this information, from websites and social media to reviews, job ads and industry news.
You want to assess the comparisons and gaps against your business. What do you do well? What could you improve? Are there opportunities with your services and products? What new trends are on the horizon? Record your conclusions.
By conducting this exercise, you know where you stand in the market landscape and are close to understanding why a client or customer would choose you.
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If you’re still none the wiser, you can gain and maintain an edge on the competition in many ways. Here are our top tips.
- Build a super team
The success of your business relies on your team and how you work together. If you create a positive and motivating workplace, not only does it encourage collaboration and builds trust, but it influences your ability to draw on other super talents. Your team has the power to influence your reputation so invest in them and the resources to enhance their skills.
- Deliver a phenomenal experience
Clients and customers want to feel valued and respected; they expect nothing less. They believe this experience is a true marker of your business’s competency, so it’s time to listen and serve. Use feedback to better understand the overall experience, where to improve and how to make them happy. If done, you have the remarkable power of generating loyalty and recommendations.
- Provide evidence of happy clients and customers
We’re all a little biased when we say our business is the best, but prospects see through that and dismiss any claims unless they can be proven. This is where your other customers and clients come in. Their satisfaction shows what they can expect from you, so harness this into reviews or testimonials shared throughout your marketing.
- Implement something new and valuable
If you want to take your business to the next level, consider introducing some innovative services, adopting emerging technologies or introducing new processes or solutions. Keep up with the latest emerging trends in your professional landscape and find ways to incorporate them that makes sense for you, your team, and your clients and customers. It sends a clear message that you are committed to their needs, today and tomorrow.
- Create consistent branding around your point of difference
First impressions of a brand are formed within the first 10 seconds and if you want to stand out for the right reasons, its crucial you get your branding right. Know what sets your business apart from others and centre your branding around this, including what images to use and what words to say. Make sure to make it consistent across all platforms, from your website and social media to any documents or marketing materials.
- Embrace giving back
More people are actively seeking products and services from businesses committed to doing good for the world. By supporting various causes that are important to you, not only are you enacting positive change, but you are helping clients and customers feel they are doing their part and that goes a long way in building trust.
