Updated: Jun 23, 2020
Any business niche is sure to have rivals of some kind, providing similar products or services to your own business. Understanding your competitors, their prices, and their marketing techniques will help you stay ahead of the competition, ensuring that you’re still able to compete in the market.
“The competitor to be feared is one who never bothers about you at all, but goes on making his own business better all the time.”
Know Your Competition
Before starting a new business, it’s common practice to conduct a viability check to assess if a new business is worthwhile. Part of this process is determining what competition there is in your field, particularly if they are or are operating in a similar niche to you. By researching the competition every six months, you can gain better market insights, which in turn will help you adjust price points, offer improved services or products and make sure you stand out as a business. Some things to consider when sussing out the competition:
What businesses operate within your business niche?
What products or services does your competition offer?
What price range do your competitor’s fall within?
How does your business differentiate from theirs?
What strengths and weaknesses does your competition have?
How you can gain opportunities from their weaknesses
By fully understanding your business rivals, you can then formulate a plan to attract more customers, giving them a reason to come to you instead of the competition.
In any business, it’s important to understand the needs and wants of your customers, adjusting your services or products to meet your consumer’s priorities. An important aspect of this is being on top of current trends. If a new trend crops up outside of your niche, find innovative ways to capitalise on the momentum, incorporating it into your own products and services. Better yet, be the instigator of the latest trend by showcasing new products.
Implement Fresh Marketing Strategies
Once you understand your competitors and your consumers, it’s time to start marketing! Online marketing has changed the face of advertising over the last decade, with new social platforms paving the way for online promotions and customer engagement. Take time to research what marketing platforms work best for your business – it could be that Instagram and Facebook are all the rage, or you might need to focus on more traditional marketing such as email marketing campaigns and (online) magazine adverts. Use online analytics to analyse engagement with your online posts and consider a “where did you hear about us?” question on your order forms so that you can gauge what’s working best.
Make sure that your marketing is consistent with your brand, but also relevant with the interests of your consumer. Again, check out competitor’s marketing and use it as a way to improve your own – keep your marketing consistent, relevant and on-trend, and you’re sure to see customers loyal to your brand.
Do you need help staying ahead of the competition? Contact me today to organise a FREE business strategy session to ensure your business comes out on top!