So you’ve just set up your own business and you’re excited to get it flying off the ground. But you start to do some market and competitor research and it’s made you feel intimidated and wondering how you’re going to compete. Well, the hard fact of it is, this is business. But it’s really down to you to determine how you react to your competitor’s behaviour, and how you can use the findings of your research to your advantage.
It’s really important to keep an eye on what your competitors are doing. This isn’t to say you should be copying what they’re doing, but you may find something that gives you inspiration for your business. You could even find a gap in the market for something that you could provide your customers with that your competitors can’t. Take your findings and analyse them. Then, look at what your competitors are doing right and what’s not quite working for them. You can then use this data to help you discover ways to use valuable resources for your business.
Discover Competitive Advantages
There is a lot of valuable information you can find out from analysing your competitors. From customer preferences to things that you should avoid. How you turn these insights into your competitive advantage is the key to getting ahead. Are your competitors writing blogs but don’t seem to be attracting much traffic? Look at the content and consider what can be done to improve them. How is the content marketed to their customers? What improvements could be made? There are various ways for you to analyse your competitor’s behaviour. Not so that you can dwell on how brilliantly they’re doing, but start looking for the flaws in their strategies. This can help you to create your own strategic and competitive advantages.
Remember, it’s really important to remember not to spend too much time analysing what your competitors are up to. There are clever ways for you to integrate your analysis into your own analytics. This means that you can still invest the majority of your time developing fresh new ideas for your own business. Finding that balance is key, without letting the actions of your competitors get on top of you.
Don’t forget to invest valuable time and effort developing your own business. Find out more on The Importance of Professional Branding for Start-Ups to help set your business apart from competitors in just a few simple steps.