21 Mar Why Invest In A Competitive Analysis

Competition across all industries is continuing to get more intense. In fact, this is the top business concern for most entrepreneurs, keeping many of us up at night worrying about how to find that “thing” that makes us special and different enough to attract new customers and keep the ones we already have happy.

But, never fear. Here are a few tips that will give you back your power, as well as a new sense of energy and focus.

1. Do a competitive analysis. Start with how customers would find you (…think Yelp, on foot in a neighborhood, Google) and identify 10 companies to do research on.

2. Look at all aspects on how they are running their business (For example: What are they doing on social media, how are their reviews, what services do they offer). Don’t make any quick judgements or changes to your business, just collect the data.

3. Reassess your business. Based on what you now know, ask yourself if there is anything that you learned that you can incorporate or do differently to stand out from the crowd. Make sure to take a step back and make these decisions from a customer perspective.

I guarantee that you will learn something important by completing a competitive analysis. I also guarantee that you are unique and special, you just have to remember what it is and broadcast it to the world!