Knowing the following 3 things about your competition can help your business so much and can answer those tricky questions like: What services/products do I offer? What should my rates/pricing be? What do I need to do to market my business?
In this post you will learn 3 huge things that you need and must know about competition so it can help your business grow!
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The following 3 things are HUGE! Why? Because they will help you and your business out. You don’t have to go and re-invent the wheel when updating your products/services, pricing, or marketing methods. Even for those who are just starting your business. Everything you need and desire already exists to get you to where you need to go.
And once you learn these 3 things, you need to stay on top of them. Times are constantly changing. Always keep a close eye on your competition. Keep your friends close, your enemies closer.
When debating on what your business should offer – products or services – you first need to check out your competition.
You know that phrase where you need to hang around the people that you want to be like? Well that’s what you need to do here. You need to hang around your SUCCESSFUL competition…and in other words internet stalk them. Stalk your competition who is killing it in your industry, because they are already doing it! So you need to take note of what exactly they are doing.
Make sure to compile a list of competitors if there are more than one. We all do things differently, so make sure to take note of what each competitor does different. This will also help you state how you set yourself a part from your competitors if you know what they all do.
Become an expert when it comes to knowing who your competition is!
So lets say you are interested in offering a product/service that is earth-friendly and helps reduce our carbon footprint.
- Look up who else is doing this.
- Take note of their services/products.
- How they are reaching their customers & how they are marketing to them.
- How are they wording their products/services to get them sold.
- What are people saying about their company?
- What are their customers wanting more or less of?
If you go through the list of competitors you will be able to actually see these answers and how they are working or not working.
How should you price your goods and services?
This question comes up so often, so don’t worry – you are not alone.
It’s hard for other people to answer this question when it comes to your goods and services because in each area it can be different.
Example #1: let’s say you want to start selling products on Etsy but are not sure what to price the things you want to sell. So simply (1) go to Etsy, (2) type in the name of your product, and (3) see what your competitors, that are making similar goods as you, are pricing them. THAT EASY! Look at the different material or skill they posses. Can you see why the higher priced goods are at that price? Can you see why the ones that are lower priced, are the way they are?
Example #2: lets say you want to start a dog walking service. (1) Type into the search engine, ‘dog walker near me’. (2) Click the websites and names of the businesses that pop up. (3) Stalk them. Look to see what the other dog walking service providers are charging and for how long the walk is. What are some of their additional fees? Do they charge per dog? What areas/territories do they provide their services to? Do they charge people that are outside their service area.
Most of the information you need are on your competitors websites. If not, call them and ask for advice or call as a potential client or customer. Try out their goods and/or services and experience it as a customer so you will be able to relate to your future clients/customers.
‘How should I market my business? I have no idea where to begin.’
Does this sound like you? That’s okay! We all have to start somewhere. There are many books and online and in-person courses, programs, e-books, webinars, etc. that you can look into when it comes to learning how to market. For now, I’m just here to get you off your feet and taking the first step into starting your business.
When it comes to marketing, for starters, just copy your competition. Don’t do it word-for-word because that is plagiarism and you will need to show some originality. But copy their style. How often are they posting? What are they posting about? How are they promoting their goods/services? Is it through only social media, newspapers, Facebook Ads, or all of the above? Are they attending events that you should also be attending? Are they networking with people you should be networking with? Take note of all these things.
In the beginning, do not stress about how you are going to do it. For now, just focus on what you can do and the rest will fall into place. You will figure out the how as you go.
Just remember that you got this. You are smart and talented and the world needs to know what you are capable of . They need what you got.
What are some things you have learned about your competitors? What have they taught you?
Featured Image by Ylanite Koppens