Competition is an integral part of doing business because the true measure of a great business is the ability to stand out from your competitors
. But many businesses today don’t know how to stand out and be different from their competitors. In fact, many competing brands look so alike, even their consumers don’t know which one is which.
This is why knowing your competitors should be part of your business strategy. Competitor research is good business, the more you know about your competitors the easier it is to do things differently. It’s also beneficial to know what your competitors are doing wrong so you don’t make the same mistakes.
4 Steps to Making Your Business Stand Out
- Do competitor research
The first step to being different is to know who you are trying to differentiate yourself from. Invest in competitor research
, find out what trends your competitors follow and find your own angle.
- Look at yourself
You’re the only one who knows your business the best. No one can see you better than you. Once you’re done your competitor research, look at yourself and decide what it is that you have to offer that your competitors lack.
- Go the extra mile
Now that you know which trends your competitors use to market themselves and you’ve picked your own niche, make sure you push the envelope. Remember that the consumer always remembers the brand that does that little bit extra.
- Do it your way
Remember that your brand has an identity and like a real person, your business can appeal to people on a personal level. Now that you know what your competitor does and how, do it differently… but do it the way your brand would. If you’re more relaxed than a competitor, don’t try and change your style.
Target the Users As Well As the Seller
Every business does targeted marketing, but have you really thought about going beyond your first level consumer? Yes, the goal is to market to the buyer but in some cases those who use your product don’t necessarily have the buying power. For instance, mom’s are more likely to buy a brand of cereal if their kids like it. Your competitor is making sure that mom sees that they have the healthiest brand, but influencing the end user, the kid, means that you’re doing it differently. And you’ll more than likely up your sales, as the end user has more influence than you think.
Doing Your Research
allows you to figure out what it is that your competitors are doing better than you. It lets you know the trends your competitors follow and gives you an opportunity to find a niche in the market that you can capitalise on. Competitor research should be a part of any business strategy and will help you build the best marketing strategy for your business.
W5 Partners understand the importance of competitor insight. We will immerse ourselves in your world and find out what your competitors are doing to differentiate themselves from you. Once we know what your competitors are up to, we can give you the insight and assistance you need to differentiate yourself from them, and do it better. Content W5 Partners
now for more.
By: Mzama Zala & Lisa Alton