We all know what it’s like when you’re looking at competitors in your industry, it’s far too easy to obsess over the similarities and differences between what you’re doing and what they are putting out. Keeping an eye on your competitors can be both a strategic advantage and a potential pitfall.
It’s all about picking the right time of when to look at competitors or alternatives which can significantly impact your business's success. In this article we will explore when it's beneficial to examine your competitors as well as when it might be counterproductive.
Ideal Customer and Proposition
The Myth of the Unique Selling Proposition
The Buyer Journey
Values and Personalities
Hidden Marketing Activities
So when is it useful to look at competitors?
- Comparing Pricing: Keeping an eye on your competitors' pricing can help you remain competitive. However, be cautious and consider the profitability of their pricing strategies.
- Generating New Ideas: Competitors may have innovative ideas you haven't thought of. Analyse their approaches critically to see if they could be adapted to suit your business.
- Messaging and Descriptions: Examining how competitors describe their products or services can provide insights into effective messaging. But remember, don't copy them blindly; adapt their tactics to your unique brand.
- Stepping Out of Your Business: Put yourself in the shoes of a potential customer and ask when your competitor might be a better choice. Recognise that there are situations where they may excel and situations where you have the upper hand. Play to your strengths accordingly.
Not getting distracted by what your competitors are doing can be difficult when building your marketing strategy for the first time. So, if you’d like some help getting started, download our free ‘How to do marketing that works’ guide today. https://rosconkie.kartra.com/page/freeguide