Keeping up with the competition
Although your customers should be your business’ primary focus, it’s also important to understand who your competitors are. It’s likely that there are companies operating close by who offer the same or similar services to your business. What sets you apart?
To set yourself apart from your competition, you must research who your competitors are and learn how they measure up to your company. From there, you can take better, more educated steps toward improving your business.
Do your research
The first step to understanding what sets you apart from your competitors is to do your research. Pick your top five competitors. Set aside time to dig into their websites and learn what they offer their customers. Follow them on their social media channels to keep updated. Questions to ask while researching include…
- What do they offer that our business doesn’t?
- What do they offer that is the same as our business?
- Who are their customers and are they the same as our customers?
- Are their customers satisfied? How can we tell?
Evaluate your findings
After you feel good about your understanding of your competitors, evaluate your own company. Ask questions like…
- How does our company measure up to businesses like us?
- What do we offer that our competition doesn’t?
- How can we improve our company based on our findings?
Communicate what you’ve learned
Maybe during your research, you’ve realized how broad your services are in comparison to your competitors’. That’s great! This is the type of information that should be used on future marketing campaigns to show your customers why they should continue doing business with your company.
Alternately, maybe you’ve discovered a few ways you want to work on improving your business, whether it’s through offering new services, expanding your capabilities or branching out into a new industry. It goes without saying but once you’re ready to roll out your business’s new features, tell your customers! They’ll be excited to see you taking steps to improve your company in ways that benefit them.
Learn from it
Finally, continue learning from your competitors. Just because you want to be the best doesn’t mean you can’t study and be inspired by what similar businesses are doing. Understanding your competition makes you a smarter business and one that’s more easily able to improve than if you just kept your eyes to yourself. If you stay ahead of the curve and work to become an innovative in your industry, your competitors will look to you to set the standards. Even better? Customers will notice too.