Think of an “entrepreneur,” and what is the first image that comes to mind? Do you picture a hardworking, young professional, or a businessperson that is ready to conquer their chosen industry? Entrepreneurs come from all walks of life and economic backgrounds and not every entrepreneur is motivated or “wired” the same way.
Now take a peek at your competition. Lately you may be focused on besting your competitors in business and reaching the top of your industry. But, there is a chance instead, you want to focus inward and discover your unique benchmarks for success. But taking an objective approach and “sizing up” your competition can help you more efficiently manage and prioritize what’s important to your existing and potential customers.
the entrepreneur in you
To discover where you are it may be necessary to prepare a comprehensive description of your business. What is your business or industry? How would you formally describe your products and services? What are your core values? Finally, what makes your business stand out in your industry? Honestly identifying the core components of your own business can enlighten you to discover the uniqueness of your offerings.
look closely
Depending on your industry, your competitors can range from the largest corporations to small businesses such as yours. Note that just because another business sells the same type of product or service as you do, it doesn’t necessarily mean you’re competing for the same group of customers. A high-end restaurant and a fast food franchise may both sell hamburgers, but they’re not necessarily competing for the same group of customers.
check out their offerings
What can you learn? Make note of their offerings even if they do not completely align with yours they can help you improve your message so you can identify your unique position. Can you determine which of these competitors are market leaders and how do they influence the industry?
You can find information about your competition by studying their websites, social media profiles, catalogs of products and services and even their physical storefronts. Compile your own analysis of your competition and identify ways that you can improve on your services and branding. Online reviews of your competitors written by their customers can provide valuable insights into what your competitors are doing right and what they’re doing wrong. In the end you have a valuable competitive insight and advantage!
we can help
When it comes to identifying and learning from your competitors, you don’t have to go it alone. At Blue Zenith, we can help you identify and assess your competition, allowing you to capitalize on opportunities in your market that you may not even know exist!