photos by: HOPE ANN PHOTOS
Maybe it’s growing up in the Mean Girls generation where “friendly competition” wasn’t an accurate description for the cutthroat rivalry found among hallowed high school halls, but competition was rarely seen as friendly. If you’re a business owner who can relate to this, let me introduce you to a new side of competition; the helpful one.
I’d like to imagine a world where more business owners stopped fearing their competitors and, instead, embraced the ways they can make their business even better. Keep reading as I share a few simple mindset shifts to help you ditch that “competition” feeling, so you can lean in and learn from your competitors to create brand growth.
Pick Up Tools, Tips & Tricks
It’s time to pull up a chair and take a look at what your competitors – both big and small, both better and worse. Analyze their products, services, pricing strategies, marketing campaigns, social media engagement, customer service and even their messaging! This can help you gather important intel on what areas you feel like you’re doing better than the competition or find room for improvement. Take notes and refine the aspects of your brand that you know can reach higher to improve in order to meet your customers’ needs. Refine your offerings, strategies and tools to better meet the needs and desires of your target audience while honing in on what your key differentiators are.
Identify Your Market Advantage
As you begin getting a clearer image of who your competitors really are and what they are doing differently, it gives you an opportunity to gauge where you fall in the marketplace. Think about your industry and where you picture your business among the competition. Are your competitors positioning themselves above, below or even with you? Maybe there’s an underserved element of your ideal audience or a niche service or product you know you’re meant to offer that nobody else is? When you stay up to date on your competition, you can make sure your brand is carving out a unique identity in the market. You can also stay ahead of market trends you start to see taking over and how customers and followers are reacting to different approaches. Be open to evolving past your competitors and pivoting where it feels right.
Can’t Beat Them? Join Them
While not every competitor makes a great collaboration partner, there are absolutely brands that are practically made for a partnership! Open your eyes to the power of building relationships to open doors to partnerships, joint ventures, co-produced products and mutually beneficial initiatives that feel aligned on both sides. Complementary businesses that serve the same target audience and values are perfect for this! Just think how you can amplify your reach and visibility, allowing you to tap into new audiences in the market and attract new customers.
It’s easy to feel like you’re growing your business in an oversaturated market sometimes. When you turn the tables and embrace your competition as the perfect place for market research and unexpected teamwork, amazing growth can happen!
Hustle & Heart Challenge
This month, get up close and personal with your top competitors in the industry. Review what you admire most about these brands and where you see opportunities to best them. Create a list of 1-3 specific strategies you’d like to incorporate into your business this quarter.
