It’s a dog-eat-dog world in the realm of business sometimes. Competition is fierce. While that can seem somewhat intimidating, it’s actually a good thing. Competition is what helps drive innovation and helps keep a business current and relevant.
However, businesses that dive into their industry without fully knowing and understanding what their rivals are up to is a recipe for failure. Below are a few ways to use such intel to your advantage.
Knowledge to Differentiate Yourself
You can’t really understand what’s different about you and your brand if you don’t fully understand who you’re up against. By investigating your competition, you can learn valuable intel that helps you pin down where you may have a chance to shine.
Maybe your prices are better, maybe your quality is better, maybe you offer different features that they don’t. The point is you won’t know until you know, and that comes with good old-fashioned research.
Knowledge to Minimize Risks
It pays to know what you’re up against. It doesn’t make sense to enter a market when you don’t know if there is even a market. And if there is a market, it pays to know if there are any big barriers to entry that will make the attempt not worth your while. It’s always easier to correct course before a big launch than it is after that ship has sailed.
Knowledge to Spur Creativity
Remember, competition drives innovation. If you know your competition is killing it in a certain area, it’s like pouring fuel on the fire to make your own product or service even better.
Creativity and out-of-the-box thinking are sparked, which births new ideas, and those new ideas could potentially propel your business forward into positioning as leader of the pack.
Knowledge to Skip Costly Mistakes
Analyzing your competition not only teaches things they’re doing right that you could do potentially better, but it can also teach you things they’ve done wrong and help you avoid similar pitfalls. For instance, if you know your competition has tried to launch a product or service similar to something you’re considering, but they failed, you can use that information and reverse engineer what they did to see what did and didn’t work. Then you can more fully assess whether those are hurdles your business can overcome and if it’s an avenue you really want to pursue.
Knowledge to Suss Out Potential Customers
No, we’re not saying steal customers. But you can research your competition, check out online reviews, get a feel for what their customers are saying, and look at what unhappy customers are also saying.
This can give you insight into areas your target market is being underserved and could open up an avenue for you to market specifically to meet that underserved need.
Honestly, if you’re serious about your business and the success of your brand, there’s really no good reason not to do your research and check out the competition. Information is a currency in the world of business and the more information you have, the better biz decisions you can make.
The better biz decisions you make, the higher your success rates when launching new products and services. See where we’re going with this?
Success doesn’t just happen. It takes work. Amazing brands don’t just magically appear. They are crafted and carved and refined amidst the blazing fires of the competition that surrounds them. Know your competition and gain an edge. It’s that simple. Want to start standing out amongst the competition, but not sure how to innovate your brand? Let's chat!