In content interviews, I ask business owners and representatives about their competition. They often get nervous, thinking I will list their competitors on their website. But I ask so I can research their competition. Every business should know its competition well.
Why You Should Know Your Competition
Knowing who your competition is and their strengths and weaknesses are crucial to crafting a clear message about who you are in contrast and what you can offer your target audience. In addition, you must understand the specifics of your marketplace and the advantage you have in that marketplace. This is where you should target your marketing efforts and investment to maximize your return on that investment.
- What are your competitive advantages?
- What are your competitive weaknesses?
- Who are your competitors, and what are their advantages and weaknesses?
- How can we differentiate you from your competitors?
Using this information, we will design your content to maximize your advantages.
Direct Vs. Indirect Competition
Often, when thinking about competition, the first thing that comes to mind is direct competition. Direct competitors are businesses offering the same product or services as your business. One example is Mcdonald’s and Burger King since they have similar menus and styles.
Indirect competitors don’t offer the same service but meet the same need in different ways. For example, you are hungry for lunch. You are considering Mcdonald’s, but your best friend says, “I don’t feel like a burger. I would rather have sushi.” This makes the sushi restaurant up the road, indirect competition. Another friend says, “I’m pretty broke this month. I brought lunch from home.” For that particular potential customer, the grocery store is indirect competition. Learn about your indirect competitors to find effective ways to reach your target audience.
Finding Your Differentiator
Knowing your competitors, their strengths and weaknesses, and your strengths and weaknesses in comparison can help you to identify which marketing activities and messaging are the most effective for your business.
When Selling a Product, Differentiators Include
- Unique Product Features
- Unique Delivery Channel
- Free Shipping
When Selling a Service, Differentiators Include
- Specialization in a Specific Service
- A Unique technology or process
- Specializing in Serving a Specific Industry
- Offer a Higher Level of Service
- Have an Impressive Client List
- Showcase a Notable Accomplishment
Focus On Your Customer’s Needs
Often, people think that they can overlook the actual differentiators and simply say they are great, hoping the audience will choose their business. However, it is essential to assess your business’s strengths and weaknesses honestly. Only then can you tout your strengths confidently and address your weaknesses, turning them into strengths.
Steps To Differentiating Your Products or Services
- Understand what your competition offers, including differentiators, not just the product or service itself.
- Figure out what is missing in your competition’s product or service
- Create a new product or service that includes what is missing from your competitor’s product or service.
- Then, add value by promoting additional features, benefits, and services to meet the needs of your target market.
Set Yourself Apart With A Custom Website
Iceberg Web Design’s SEO content writer can help you find your differentiators. Our designers and developers can create a beautiful website that helps convey your message and set you apart from your competition. Are you ready to stand out from the crowd?