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Yesterday we began our journey to help you get more exposure and connect with the people and companies you ultimately would like to serve. We helped you understand the importance of developing a go-to-market strategy. Now, we have to understand the other options your potential clients have when they are looking for a solution for the problem you solve. Here's step 2 in connecting with your perfect customer.
2. Learn From Your Competitors
Learning from your competitors is an essential part of growing your business. After all, as the saying goes, “Keep your friends close, and your enemies closer.” In order to stay ahead of the competition, it's important to understand their strategies and how they are positioned in the market. Additionally, you want to learn from them what not to do.
Take the first step and conduct a competitive analysis. Start by identifying your competitor's strengths and weaknesses, pricing models, and positioning in the marketplace. Compare what you discovered about them to what you're doing inside of your company. Look at their marketing campaigns, advertising channels, and customer service initiatives. It would also add to your insight by visiting their location if they have retail locations. This will give you invaluable insight into how they conduct their business. You'll learn some strategies you can use. More importantly, you'll learn some things you shouldn't do.
Once you have an understanding of what your competitors are doing you now have an increased advantage. These newfound discoveries should help you identify any areas where you can stand out from them. For example, if they offer a more expensive product or service, you can focus on providing something more affordable and accessible. If they focus heavily on digital marketing channels like social media and search engine optimization (SEO), create unique content for traditional platforms like print media or radio ads. Competing is not necessarily about duplicating what your competition is doing. It's more about understanding what they are not doing and determining if you can fill that space to serve your market.
Another way to leverage what you've learned about your competitors is by using storytelling techniques in your marketing campaigns. Developing narratives around your company’s mission can help differentiate you from rivals while also connecting with potential customers on an emotional level. You will find that while you may provide the same or similar products or services you will likely desire to serve different segments of the market. The key is to learn so much about your market that you become an expert in serving them.
Finally, keep track of how your competitors evolve over time to stay ahead of the curve. Monitor their new products or services as well as any changes they make in pricing or customer service policies so that you can adjust accordingly.
By taking the time to learn from your competitors, you can gain valuable insights that will help you position yourself strategically in the market and grow your business successfully!
Now take an hour and do the work. Then come back tomorrow to find out what step 3 is.
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