Knowing more about your competition can be a life or death situation for your business.
Here’s a rule of thumb, know your competition better than they know themselves.
If you can figure out why customers are attracted to or deterred by your competitors, you’re one step ahead of the game.
Why? Because your customers are way more educated about you and your competition than you think.
Stats show that in some industries, consumers view up to 30 pages of a business’s website before they purchase. That’s a lot of research.
So what does this mean? It means that you have an opportunity to get ahead of your competition and make your business really stand out just by knowing what’s happening in your industry.
I’m not talking about guessing.
I hear this so many times “I’m pretty sure my competitors…..”. Pretty sure isn’t good enough. You must be able to talk about facts.
The more you guess, the greater your odds of making ineffective business decisions.
You will hear me say this over and over again…
BUSINESS SUCCESS COMES FROM MAKING EFFECTIVE DECISIONS.
I’m constantly amazed as to how little business leads truly know about the competitors in their industry and how easy it is to find out.
Get out there and send your moles or hire a company to do a mystery shop.
When you can figure out what your competitors are doing to deter customers, you have hit the jackpot.
All you need to do is avoid these pain points and communicate to the market that you don’t have the same issues that your competition does.
For example, if your competition has long line ups and it pisses customers off, you can easily differentiate your business based on this point.
Here is why I stress. I am working with a business owner right now that had no clue what his competition was offering.
He just assumed that they were doing something similar to his business.
One of his managers went to check out the competitor and was in complete amazement of their professionalism, services and productivity.
He came back and was thinking of quitting to go and work for the competition.
Long story short, the business owner realized why his competitor was doing so well and how easy it was to figure it out.
So take the time to do a little competitive analysis on a regular basis and it will go a long way for your business success.
Thanks for reading this and go and rock your competition!
P.S. Check out our LinkedIn group for business owners, entrepreneurs and business leads if you want more tips on business success. https://www.linkedin.com/groups/12137076