02 Jan Have You Checked In?
Are you aware of your surroundings? By that, I mean are you aware of who is around you? What are your competitors doing and what is their focus? Does this even matter to you?
Some may argue that there is room in the market for everyone. To a certain extent this can depend upon your offering, as some industries can handle competition better than others.
However, it can be a useful exercise to complete a competitor review regardless; to understand how you fit in the market and whether you are leading the way or following the tribe. What is their product or service offering? Do your competitors offer an added edge to their customers that you don’t? If so, why?
So you want to review your competition, but how do you do it? Their company website and social media channels are a good place to start. If they publish annual reviews or other literature take a look to see if you can pick up key messages about their performance or offering. Check out online reviews and media coverage – this can give you a real flavour for what matters to your competitors.
The reasoning for completing a competitor review isn’t to replicate what your competitors are doing, to ‘steal’ ideas or to damage their business. Reviewing your competition helps to keep the market buoyant and prioritises your actions in relation to customer demand.
It is important to be authentic in your offering and true to your own values. This in itself is a selling point for your business; as customers with similar values will be drawn to you. Remember the phrase; ‘people buy from people’ – your personality can be a deciding factor when purchasing.
What is your USP? This could be price, product, delivery, or a whole host of other features. Think about future-proofing your business and pushing the boundaries. If you can be one step ahead of your clients and your competition you won’t go far wrong.
Checking in with your competition on a regular basis will soon become a regular activity in your business audits over the year. Be sure to remain open minded – remaining blinkered to outside forces won’t help you to develop your business.