5 things Your Competition Can Teach You
Many times we look at our competition like the enemy. Like the horrifying spider on the wall, we will avoid it at all costs, until all of sudden it has become uncomfortably close.
We’ve all heard the saying “it’s probably more scared of you, then you are of it”. So rather than squeamishly entering the room you know the monster is lurking in, be confident in your abilities and face it head on…unless it’s bigger then your hand, then call an expert…but I digress.
The same thing can be said for your competition. Rather than sidestepping any possible communication, take notes and learn the lessons they can teach you.
1. Look at what’s working: They are already up and running, they have been around the block once or twice. At one point, they were a startup and have since then fine-tuned their tactics. Look at their current objectives, target markets and actual customers to see where they are succeeding.
2. What’s not working: Similarly to how you can look at their business to see what’s working, you can also look at what is not. No business is ever done evolving, demands for products and services are constantly changing.
3. Who they are targeting: You are an intelligent business owner, you can understand target markets by examining blogs, social media and the types of service offered. Understand what your competition is currently doing, maybe they are targeting a group you wouldn’t have thought of.
4. Pricing strategies: If they have been in business longer than you, they have an understanding at what price their product or service is attracting more customers. Knowing how their current pricing structure compares to your business can help you better price your service or product for the market.
5. Potential black holes: By this, we simply mean by looking at competitors you can get a better understanding if a product or service is still wanted by consumers. On the other hand, looking at the current offerings by competitors you can survey the land to see if consumers are missing anything. Perhaps you notice an area that has not been touched by competitors, you can fly in and save the day!