It is pretty unlikely that your business has zero competition. To stay on top of your game and to see your business grow, you need to understand who your competitors are and understand what they offer. Take time to define what they can do that you can't and then determine what you can do that will set you apart. This should be an ongoing exercise, not a once-off activity, also always be on the lookout for new competition.
- Prepare a competitive analysis, this will allow you to identify who your competitors are and then to evaluate their strengths and weaknesses.
- If you know who and what your competitors are up to, it is easier to identify opportunities for your growth. Look for areas in the market that are under-served. Make better-informed decisions about your strategy and ensure you can create sustainable competitive advantages.
- As part of your analysis, define what you can learn from competitors and possibly do better. Understand what they are doing worse than you are and develop to strengthen this further.
- Performance SWOT
- Complete a SWOT on your own business as well as that of your competitors. Use your strengths to overcome your weaknesses and maximise opportunities.
- Review your products or services, is there something you should be offering which you are not? Are there more effective ways of marketing your business?
- Take advantage
- After completing your competitors SWOT, take advantage of your competitors' weaknesses, use these to better position yourself and to grow your market share.
- Influence competitor behaviour
- You can influence your competitor's behaviour to your advantage. Set the trends yourself.
- Team up
- Your competitors can be partners in your business, don't be afraid to team up with them if they offer a product or service that compliments your offering.
- Find new innovative ways of reaching your customers and ways of setting yourself apart from your competitors.
- Ongoing process
- As with everything in your business, this is a dynamic and essential process. Never stop researching what others are doing.
- Never take your eye off the ball.
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For specialist business growth strategies, contact Coach Sonja Shear.