A smart entrepreneur will respect and learn from those who are successful in the same space.

How Well do you Know Your Competitors?

While it might be common to criticize your competition and see their faults and inadequacies, a smart entrepreneur will respect and learn from those who are successful in the same space. What are their strategies for penetrating the market, positioning themselves, pricing, and service delivery? Why do you think people buy from them instead of you?

Social media, internet, web searching, google reviews, or even calling and asking about their offering or visiting their sites are all ways to gather your competitive intel.

Keep in mind that your competitor might not offer the same thing you do. For example, competitors to airlines are not just other airlines, but are also other forms of transportation. Or, psychotherapists might see their competitors as psychologists or social workers, or physiotherapists might see kinesiologists gaining market share.

Once you have this knowledge, reflect on what you do at least 90% better than them. This becomes your Unique Selling Proposition. It’s that thing that you or your team are just better at. Those things are what you need to position yourself for. 24-hour service? Unique technology? New and effective approaches? Specific population expertise? A group of therapists that provide something rare in the healthcare space?

Can your offering be provided better? Faster? Cheaper? When did you last look at this?

Through analyzing your competition, you are better positioned to leverage your own strengths.

Want to learn more? Let’s connect.

Adapted from “Clarity 1.6 Study Your Competition” by FocalPoint Coaching and Training Excellence, Copyright 2018, by Brian Tracy and Campbell Fraser. Reprinted with permission.