Starting a small business can be very daunting, especially when other businesses in the same field are already established and continuing to grow with their current customer base, who clearly really like what they do.
How do I compete and attract clients when they are the clear choice for new clients to go to?
Well, believe it or not, the fact that they do stand out is what will aid you in developing a vital strategy that will differentiate your services and attract clients. Think of it as the student growing stronger than the master—except it’s a one-sided mentorship, as your competitors did not take you personally under their wing.
We use a process called Competitor Analysis to research your competitors and, quite frankly, see what has worked for them and what hasn’t.
Concerning our recent work, we conducted a competitor analysis on SUP board sellers for our client, comparing a wide range of companies and their insights to see what our client could add to their strategy. You can
fill out our form to test your business today!
So, what can I learn from my competitors?
Strengths and Weaknesses:
There is no better way to identify your own strengths and weaknesses than by examining your competitors and how they are perceived.
Finding out things such as your competitor’s huge brand awareness or low prices isn’t supposed to deter you. By learning this, you can see what to include in your business strategy because, clearly, customers like this!
Furthermore, the identified weaknesses can serve to help you understand where you might have an advantage, filling the gaps your competitors have left. These insights provide you with the opportunity to offer a more complete or improved solution to your audience.
The Market You Operate In:
Your competitors are a reflection of your market. By studying them, you gain a deeper understanding of who your target customers are, what motivates their decisions, and which trends are driving the industry. Do your competitors focus on premium pricing? Or do they win over customers with affordable rates and fast service? This kind of knowledge helps you position your own offering in a way that resonates with the current market demand.
Spot Industry Trends:
By researching competitors over time, you can spot emerging trends and shifts in consumer preferences. Do your competitors emphasise sustainable practices? Are they focusing more on digital platforms or offering unique payment options? These trends can serve as valuable opportunities to align your business with the direction the market is moving, ensuring you remain relevant and ahead of the curve.
Future Business Strategies:
Competitor analysis doesn’t just offer a snapshot of the current landscape; it helps predict future moves. Observing how businesses evolve their products, customer service approaches, or marketing strategies can offer hints about where the market is headed. This foresight allows you to stay agile and plan proactively instead of reactively.
Conclusion: Using Research to Drive Your Success
By including a well-structured research process, such as competitor analysis, in your business strategy, you stay informed and gain an advantage over your competition. Analysing what works and what doesn't in your industry helps you improve your offering and establish your own unique position. Research empowers you to innovate, improve, and, ultimately, outperform your competition.
Whether capitalising on their weaknesses or adopting industry trends before they become mainstream, staying competitive is all about staying informed.
Want to give your business a competitive edge? See our page on
Competitor Research
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