First you need to know who you are competing against, then you need to establish where you have a competitive edge over your competition. Let’s focus on competition that is in the same space as you.
Set some criteria that you want to assess and mark yourself out of 5 for each element. For example, you might choose:
1. price point
2. reliability of the product
3. after sales service
5. breadth of product range, etc.
Now, be really honest with your scores or this won’t work! Next mark your competitors – if you don’t know then you need to find out! Once all the scores are in see where you are better (and worse) than your competitors.
Don’t forget that anyone who competes for your customer’s money is a competitor. If you are a restaurant your competition could also be:
1. Another restaurant, which is obvious
2. Marks & Spencer’s dine in for £10, which is less obvious
3. The cinema, theatre etc.
4. The holiday fund, ie a savings account
6. A takeaway
Think laterally, creatively and thoroughly. You’ll need actions to improve the worst aspects and great sales and marketing messages to shout from the rooftops when you are better. Repeat on a regular basis and adjust your tactics as necessary. Love thy competitor!
Shirley Mansfield – High Growth Coach