The Key To Understanding Your Competitors
Suzzanne Laidlaw (pictured below) is an internationally accredited business coach, global leader in business planning and author of the new book, “What’s Your Plan?”. In this guest post, Laidlaw argues that examining your competitors might be just as important for post COVID-19 success as examining your own…
The industries around you are always changing, new competitors are entering the market, new products and services are being launched and it’s important to keep up if you want to be successful. Particularly as businesses re-emerge ‘post COVID’, there will be a distinct separation between those that have proactively adjusted to the current business climate, versus those who have fallen behind.
It’s important to research your competitors so you can understand as much about them as possible and better prepare yourself for greater business success. Some key questions you should ask yourself are:
- Do you know who your competitors are?
- How many other suppliers or outlets are supplying the same product or service?
- What are they offering and more importantly, what are they offering that you’re not?
- What do they do better than you? What do you do better than them?
- What are their prices compared to yours? Are they higher or lower?
- What is so special about your product? Why would someone buy it from you instead of someone else?
If you can’t answer these questions, you have no way of protecting yourself from your competition and can’t focus on proactive strategies required to take your business to the next level. The top 3 steps I recommend, to help you get ahead of your competitors, are:
- Check Out Your Competition
Conducting a current competitor analysis is about seeing where you can expose opportunities to stand out against your competitors. As ‘success leaves clues’, you can look at what is happening in other countries as well as understand as much as you can about the competitors in your own backyard to give yourself greater chances of success.
- Know your Unique Selling Point (USP)
A great place to start, is asking yourself “What makes your product and your company unique?” Knowing your USP will set you apart from your competitors, and can be articulated as a single, unique benefit, appeal or big promise that you hold out to your prospects and customers, or a benefit or promise that no other competitor offers. Don’t try to be all things to all people, just focus on one thing and do it extremely well.
- Conduct a SWOT Analysis
A SWOT analysis is a powerful process used to identify your business’s Strengths, Weaknesses, Opportunities and Threats. If you act upon the information you gain from the process, you can improve your position in your market.
To identify your strengths, ask yourself what does your business do particularly well or what sets you apart in your industry? Knowing your strengths is powerful; you can communicate this with your team and your customers, i.e. on your website, in proposals or tenders. Just as knowing your strengths is important, knowing the weaknesses of your business is equally so. By being aware of your weaknesses you can focus on the actions you can take to mitigate them.
Identifying opportunities in your business helps you to look into the future. By doing this, you can recognise what hidden potential exists in your business or industry and what you can proactively do to capitalise on those opportunities. Lastly, if you can foresee potential threats that your business might encounter, you can work to lessen or avoid the blows before they become a bigger concern.
How secure do you feel that your business has the means, method and ability to surpass your competitors? I’ve seen time and time again, business owners facing challenges that they could have mitigated by undertaking some research. In many cases, those challenging situations could have been avoided altogether.
Considering the long-term impact of every business decision you make can have a massive difference to your success, so I hope you can use these proactive steps towards becoming number 1 in your industry and giving your business a competitive edge.
Please login with linkedin to comment
Suzzanne LaidlawLatest News
DMARGE Founder Unveils Creator-Led Social Media Agency Feedstar
New creator-led social media agency Feedstar to be aimed directly at Gen Zs. Well, they'd hardly want print, would they?
TV Ratings (02/05/2024): A total of 1,753,000 Aussies Witness Port Adelaide’s Defeat
Seven's AFL numbers almost double that of the NRL last night. The NRL still easily winning for ruptured ACLs.
Hotglue Cashes In With La Trobe Financial Digital Media Account
Hotglue staffers learning their cashflows from their collaterals today after nabbing La Trobe Financial's digital media.
M&C Saatchi’s Sydney Creative Lead Exits
B&T's stopping short of calling it a revolving door at M&C at the present, but there's definitely heat on the hinges.
Taylor Swift’s Music Re-Enters TikTok As Universal Pens Landmark Deal
Yes, B&T may have spent 152 hours failing to get Taylor Swift tickets, but, as you'll read here, it's all behind us now.
HAVAS Red launches inaugural Influencer White Paper
Havas Red has debuted its first influencer white paper. Unless you print it out in colour, of course.
Two Sides Global Campaign Reports Increasing Greenwashing As Organisations Focus On Sustainability
New report confirms greenwashing's on the rise. Apparently Mars' 'work, rest & play' claims also under investigation.
Aruga Launches New HQ & Changed Ownership Structure
PR agency Aruga proves Brisbane is 'so hot right now'. So hot in fact, Adelaide's had to go on anti-anxiety meds.
Delicious & American Express Partner To Launch Month Out 2024 In Sydney
Cost of living got you eating noodles prepared in the two-minute style? Why not live vicariously through this.
Aussie Ad Market Continues Decline In March
The belt-tightening in adland shows signs of a turnaround soon. Bar the belt-loosening at the all-you-can-eat buffet.
VMA Focuses On Skills And Training For Members
If there was a post-COVID hangover (bar the anti-vax ranters) it was the rise in skills shortages. Here's another one.
Nearly 90% Of Consumers Want Transparency About AI Images, Finds Getty Images Report
Study finds consumers want transparency around AI images. Couldn't care less about photoshopped magazine covers.
The National Breast Cancer Foundation Partners With VML To Boost Funds
Anyone else feel we've exhausted the office morning tea for cancer? B&T proposes the office moonshine still instead.
Perry ‘Pez’ Lazaris Named New National Hit Network Announcer
Why is it mandatory for the media to only publish the nicknames of people in radio & underworld crime figures?
Before Adland: Garry Dawson’s Journey From Teacher To Marketer
Here, the Hopeful Monsters marketer talks his shift from the classroom to the room wherever marketers congregate.
Scott Cam Urges Tradies To Prioritise Sun Protection
The Block host promoting sun protection to tradies. Also, don't try getting into the RSL after 6pm wearing high viz.
PubMatic Study: Advertising On Retail Media Is 50% More Effective Than Social Media
New study finds retail media 50% more effective than social. B&T says two-for-one Tim Tams trumps the lot.
From MOWING to life GROWING: Jim Penman launches ‘Life Coaching’ services
Can't decide on getting the hedges trimmed or finding a deeper meaning to life? You're in luck with this new venture.
Budweiser Brazil Turns Songs That Name Drop The Iconic Brand Into Spotify Ads
It's strange that Budweiser never found a market among beer-swilling Aussies. Then again, neither did the fluffy duck.
Effie Worldwide Strengthens Board With 6 New Members
B&T hopes everyone's wearing their Maseur sandals at the Effies, as it's standing room only at the next board meeting.
Special Enlist A Penguin Named Nigel In Latest Energy Campaign For Contact
Special unveils Nigel the penguin in work for energy provider Contact. Apparently Percy the peacock was booked.
Anya Taylor-Joy, Chris Hemsworth & George Miller Ignite Sydney For Epic Mad Max Launch
The Mad Max film franchise is Australia's cinematic gift to the world. That & Chris Hemsworth's near perfect cheekbones.
IAS Launches First-To-Market Integration With Roblox To Provide 3D Immersive Measurement
Always thought you could do with better 3D immersive measurement? Happy days are ahead here.
Fast And Furious: Top Gear Australia Launch Thrilled Motorheads, Car Entusiasts And Guests
B&T is still no closer to knowing who the new Stig is, except that she is a woman and a ridiculously fast.
TV Ratings (02/05/2024): Seven’s The 1% Club Wins The Night
The 1% club did not live up to its name when it comes to TV ratings last night.
TRA Welcomes Raft Of New Hires; Bolstering Expertise Across Markets
Insights and research agency TRA announces slew of new hires. Still no news on the return of marble wash denim, however.
CX Lavender Hires Boston Consulting Group’s Kim Verbrugghe as Chief Strategy Officer
CX Lavender announces new strategy hire and channels 'acoustic folk act at local RSL' for the publicity pic.
Opinion: Community standards, will they be the death of us?
This columnist is talking community standards. Sadly not those people who put dogs in trolleys in supermarkets.
Tegel gets heads bobbing with new free-range chicken platform
Sure, there's a lot of moral considerations when buying a chook. Yet, not as baffling as buying eggs or canned tuna.
Study: 66% of Aussie men believe masculinity is under attack
Two-thirds of Aussie blokes say masculinity's under attack. That said, sales of Solo lemon drink appear robust.
‘Equal Writes’: Canyon reveals new campaign and refreshed brand for women and non-binary writers
As this brand redesign again proves, nothing beats black on white. Well, white on black in this instance.
Icon Agency bolsters consumer and integrated offer with major hires
Icon Agency unveils new recruits. As press photo confirms office moustache competition now a lay-down misère.
Clemenger launches agricultural graduate program
Has Farmer Wants A Wife triggered an interest in dagging & hay balers? This grads program may resonate.
Levi’s Appoint UM As Global Media Agency For $217m Account
Levi's are the jeans for rockstars, models & the cool kids. Although that's not stopped dads from ruining their image.
QMS Nabs Sean Rigby From oOh!media
Things set to get spicy at the next Outdoor Media Association dinner and dance as a rival gets poached.
Bumble Reveals New Brand Identity To Usher In New Era Of Dating
It's ironic that all the dating apps market themselves as having no weirdos, freaks or mummy's boys like their rivals.