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- For this, a competitor analysis is the foundation: by identifying the 4 types of competitors in the market environment, the firm can respond with the right strategies. The Competitor Analysis A competitor analysis investigates the competing firms in the marketplace and reveals their competitive power against the own firm.
- COMPETITION TIME! Starting your own business is a big, scary step into the unknown. But inside this box is everything you need to start earning 🚀 Enter to win a Yoco Business in a Box to the value of more than R20 000 and help get your business off the ground.
Successful entrepreneurs thrive under competitive pressures. Instead of viewing competition as an obstacle, they see it as an opportunity.
Dharmesh Shah, co-founder and CTO of HubSpot, writes, “You are often your biggest competitor. You should not completely ignore your competition, but the biggest battle happens inside of the four walls of your startup's office. Startups come down to pure execution of a strategy on a daily basis and maintaining the faith for the long haul. Most startups don't lose to competition, but because they lose the will to fight.”
Essentially, you are your own biggest threat.
Competition is good. In fact, a healthy rivalry challenges you to work smarter with the resources you have. To do so, leverage your team’s unique talents and build a business competitors wouldn’t dare challenge. Even if other companies in your industry attempt to undercut your prices and steal your customers, think positively about ways they can help your startup grow.
1. Avoiding complacency.
Sole suppliers in an industry quickly stop innovating simply because they no longer have any need to. Sadly, they unknowingly commit to maintaining the status quo. Competitors have a habit of keeping you on your toes.
2. Building brand clout.
Make it your mission to stand out as the leading authority in your domain of expertise. Your audience will admire your thought leadership and naturally choose you over other vendors.
3. Developing self-awareness.
Rivals force you to assess your strengths and weaknesses. Use your superpowers to create a more unique value proposition to customers. Understand your shortcomings and find ways to overcome them.
Related: How to Build a Brand That Attracts Die-Hard Followers
4. Encouraging differentiation.
Competitors will consistently try to offer better customer service, product quality and marketing. In healthy markets, buyers will demand the best solutions for their specific needs. Differentiate your offerings with the goal of creating tremendous value for the users you serve.
5. Exploiting industry trends.
Competition signals strong consumer demand. It provides validation for what you are doing. In new markets, this is an opportunity to promote an emerging trend that will get buyers and the media excited about your work.
6. Forming unexpected partnerships.
Create alliances with like-minded businesses. Exchange technology and tools, expand the overall market, cross promote each other’s products and collaborate on novel research to educate consumers. Perhaps one day, you might merge with, or acquire, your biggest competitor.
Related: 5 Secrets to Landing the Perfect Partnership
7. Mutual learning.
Watch the competition carefully. The knowledge and resources they have may be both better and different than yours. Actively learn from how they manage and grow their operation. Soon, you will discover ways to apply those lessons learned to your business.
8. Narrowing down a niche.
Someone will always be better than you at something -- and that is OK. Customers deserve the best products and services to fulfill their individual needs. To build a profitable business, focus your efforts on making a smaller segment of the overall market very happy. By narrowing your niche, you develop a competitive edge that deters further competition.
9. Planning long-term.
Without competitors, most firms get lost in the day-to-day exercise of maintaining their business. As other companies join the market, you will need to start challenging yourself to accomplish more.
10. Prioritizing customer needs.
Instead of focusing your energy on outdoing the competition, invest in becoming a customer-centric organization. This way, you will boost buyer loyalty and easily defend against aggressive suppliers or vendors intent on stealing your clients. At the end of the day, it is your users -- not your competitor -- who have the power to make or break your business.
Avoid letting rivalries turn sour and negatively impact your business. Invest in taking full advantage of the opportunities available when there are other companies targeting the same audience and buyer.
Related: 6 Reasons Every Company Needs a Customer Service Roadmap
To be different from competitors on the market is an essential thing in ensuring prosperous future of your company. So, it is critical to have a clear answer to this question: how your company is different from competitors.
One of the most asked questions from entrepreneurs, when we talk about the differentiation between them and their competitors, is „how I can differentiate when there are too many similarities that I can’t avoid?” If you become different from competitors, the potential customers will choose you instead of them. Because of that, this is an important question you need to answer.
Probably this is a valid question from more than 95% of entrepreneurs who are not inventing something new or create a new market for entirely new products and services.
There are many things that different companies do in the same way. They create their products and services in the same or similar way. Also, they market their products and services in the same or similar way. They are targeting the same or similar customers.
So, how your company can become different from competitors if you find yourself in such a position?
To help you in discovering differentiation possibilities, I will share 20 plus questions which answers will lead you to find unique ways to make your company different from competitors.
1. Different From Competitors: Products and Services
1. Are my products and services better than competitors? If they are, what is the most significant difference? If they are not, how I can make them better?
2. Are my products and services better solve customer’s problems than competitor’s products and services? Are these problems what customers want to solve? Why I better solve my customer’s problems from my competitors? Can I improve the problem-solving process and how?
3. Are my products and services more innovative when it comes to functionality and design than competitors? What functionalities and design features are most valuable to the customers? Why my products and services have better functionalities and design? How can I improve these to stay one step ahead of my competitors?
4. Do I continuously improve my products and services to make them better for the customers?
5. How do I know where are my products and services compared to competitor’s products and services? What analytical tools I will use? What information sources I will need to use?
If you want to become different from your competitors, you will need to answer this question. But, use the answers to add more value to your products and services.2. Different From Competitors: Total Offer
1. Am I use additional things around my products and services to increase the value of my total offer? What can I offer as an addition to my current offer? Also, what customer’s services are valued the most by the customers? What services offer my competitors and I still doesn’t offer to my customers?
2. Is my total offer delivering the extraordinary experience for my customers better than my competitor’s offer? What is the exceptional customer’s experience?
3. Do I have better incentives from my competitors to make customers come back for more in my company? How my competitors attract customers with different incentives? How can I improve my incentives?
Business In A Box Competitors For Sale
4. Do I innovate and improve total customers experience continuously with my total offer? What my competitors are doing in this matter?
5. How my total offer is positioned on the market compared with competitors? How can I compare the position of my total offer with competitors?
If you want to improve your total offer to differentiate your small business from competitors, also use following four critical questions about your total offer from the customers perspective.3. Different From Competitors: Business Processes
1. Are my business processes optimized to deliver total customers experience better than my competitor’s processes? What are the most critical elements in this systems? How can I continue to develop my systems to improve total customers experience with my company continuously?
2. How my business processes will effect delivering total customers experience? What business processes directly impact on providing total customers experience?
3. Do I continuously innovate new business processes to always be one step ahead of the competition? Do I have in place systems that will ensure continuous innovation?
4. Do I continuously improve my current business processes to always be one step ahead of the competition? Do I have in place systems that will ensure continuous improvement process?
5. How my business processes perform compared with competitors? How can I measure and compare this? Where can I find the required information?
You need to be aware that you want to build a business, not the product. Here is a step by step guide on how to build valuable systems easy and become different from competitors.4. Different From Competitors: Business Model
1. Is my business model better than competitor’s from the customer’s perspective? How my business model is different from competitors business model? What do I need to do to improve my business model?
Business In A Box Competitors 2020
2. Is my business model more dynamic and adjustable according to market needs? How can I develop and implement a dynamic business model for my company?
3. Do I innovate my business models to stay ahead of the competition and come close to customers? Do I have systems in place to continuously work on business model innovation to always be different from competitors?
4. Do I improve my business models to stay ahead of the competition and come close to customers? How can I improve my business model to become different from competitors?
5. How I measure the performance of my business model compared to competitors? How can I compare my business model with competitors? Where I can find and how I can use the information related to competitor’s business model?
If you want to become different from competitors, you will also need to answer these 22 questions about competitors.