When I meet with perspective clients, I check out their website, Social Media, and any other information that I can find through a Google search. I also look at similar companies that are in the same industry; i.e. their competition. I have said a million times and will say a million more times… I despise the word competition but monitoring the market is crucial! Companies should be cognizant of what the market trends are at all times. Being able to meet your customers needs will be the success of your company and set you apart over your competition.
When I worked in corporate America, we would constantly diagnose what our competition was doing in the marketplace. So much emphasis was placed on what the competitors were doing and launching into the marketplace that we would overlook new ideas and product growth. Copying competitors’ services or products and not coming up with original ideas is a big FAILURE. Looking at advancing and creating innovative products and services, that meet your customers’ needs, puts you way ahead of the competition.
If you are a retailer selling products taking a risk and adding products into the marketplace that are just starting up can pay off in the long run. Some companies will not work with start-ups or companies that are launching “demo” products. However, you never know, these products may take off and you will be the main retailer in your area! I keep a watch on kickstarter.com and other group funding websites to see what latest products are featured! Adding cool innovative new products keeps your company in the news!
If you are creating new products to launch, do research before developing your products! Look at your competitors reviews and testimonials. This is great unfiltered advice that you can use to help develop products that the market needs! This also can help with other customer touch points, such as customer service, packaging or brand messaging.
What services do your current customers need? What services do your potential customers need? Offering off the wall services that do not benefit or add value doesn’t help your brand. (Believe me… I have seen this!) If you know your limitations and you can’t offer the services your customer base has requested, think about partnering with another trusted company that can offer those services.
Now when I say that I do not believe in competition that does NOT mean I don’t monitor the marketplace! The biggest way to set yourself apart from the competition is to know your target customer base so that you can create products/services that benefit and add value to them. You are able to speak/connect directly to them with effective brand messaging.
If you don’t feel that your brand has a competitive advantage over your competition. Check out my FREE 7 day workshop “The Defined Brand” by clicking here.