COMPETITOR RESEARCH IS THE KEY TO SUCCESS!
In this digital age, competition it seems is more rampant than ever and your customers have the upper hand. They can compare pricing and features at the click of a button, read your reviews and delve into your backstory all before they even have breakfast.
In order to stay ahead of the competition, build customer loyalty and carve out your own niche, doing your competitor research is key.
Understanding you’re competition is one of the most valuable things a small business can do. When you understand the competition, only then are you able to truly differentiate yourself and stand out.
Do your competitor research!
- Identify who your key competitiors are and get to know them. Visit their website, search them on google, check out their social media and build a picture of how they present themselves and how they promote their offerings.
- Research their offering. Gain a solid understanding of what they offer and how it compares to you. What is their brand message and what makes them different? What are their strengths and weaknesses?
- Determine your point of difference. What makes you different to them, what do you offer or do better than they do? What can you use to sell yourself as the better choice for the customer?
There are lots of ways you can differentiate yourself, however you need to be authentic and realistic about what will work for your business. Is it you’re customer service, something extra you offer, something different about your product or service or the way you connect with your customers that makes them choose you over your competition. That is the X-factor you’re looking for and once you have done your competitor research it will be much easier to identify!