Work until your idols become your rivals. Ok, just to clarify, that doesn’t mean go crazy mean girl on anyone where you’re competing in a nasty way!!! It also doesn’t mean you’re going to copy anyone!
What it DOES mean is that you can analyze and learn from the competition in your industry in order to better your own business. Competition is literally what inspires us to innovate! No copying here, only innovation! Think about it, we live in a wild fast-paced world (especially when it comes to business) where things are alwwayyysss improving in literally every industry. That’s thanks to competition! Woot woot! I seriously find this so thrilling and exciting.
Do a Competitive Analysis
Enter… competitive analysis! Competitive analysis is a strategy where you research your competitors to gain insights on their marketing, sales, products, etc. and get a feel for what works the best for them and also what isn’t! AND one of the best things is that it can uncover gaps in your industry! This strategy is a serious game changer for your business. It’s what makes competition a good thing and inspires innovation!
When conducting a competitive analysis, don’t just look at one business! Look at several businesses in your industry of your closest competitors. It’s also super insightful to check out a business that is outside your exact industry, but solves a similar problem.
A few questions to ask when conducting a competitive analysis…
- What problem does this business solve?
- What is the price of their offer?
- Is there any exact thing that makes them stand out and is strictly unique to them?
- What is the quality of their offer?
- What is their social media presence like?
These are just a few examples! There is so much more you can analyze! I want to challenge you to spend some time researching competitive analysis and find ways for it to specifically serve you in your business, depending on your industry! If you are a product based business, some of what you’re analyzing will look a little different than if you offer a service!
Does the idea of competitive analysis excite you?? Do you see how it can uncover all sorts of ideas and innovations! I can’t wait to hear what you discover! Do something better, something bigger, something that adds more value than any of your competitors in your industry!
P.S. Don’t let yourself get beaten down by comparison with this. Ain’t nobody got time for that. This is market research. Go do it.