As the South Coast economy continues to grow, there’s little doubt the big fish are out there for local businesses. But how do you catch them, especially when the local waters are also filled with plenty of hungry sharks – aka, competitors? You may be in the enviable position of not having any direct competitors right now. Or perhaps your category is flooded with similar offerings, each with no real point of difference. Either way, when was the last time you properly looked at who could be threatening to lure your customers away, now or in the future?
Know the waters
Your competitors may not even be in your geographical area just yet. Or they may be an online business that’s taking your share whilst you sleep. Whatever the situation, it’s important to be aware of your category, what your competitors are doing today and having an opinion of what they may do in the future. Insight and knowledge like this is going to put you in a far better position to make informed decisions. It can shape what your marketing strategies should be and what opportunities you could be taking advantage of. It can also help you prevent your bottom line taking a big bite from a rival!
Perception isn’t always reality
You may genuinely think you know what your rivals are doing and who they are. But with markets and technologies changing so fast, are you sure? Understanding how your competitors are positioned in the market – and by that we mean, today – is critically important to establish how much of a threat they really are, or indeed what new opportunities might be out there waiting to be reeled in.
Knowing your competitors not only provides an opportunity to clearly differentiate yourself, but gives you the ability to market your products or services to your audience in the most relevant and compelling way. Think of it like casting a brand new lure that the local fish find irresistible, giving you more bites than you ever imagined.
Ask more questions, catch more fish
Asking the question about competitors is one of the first things we do when it comes to working with our clients. If they haven’t reviewed their rivals for a while, we help them identify not only who they really are, but also how they are marketing themselves.
It’s all great intelligence for the future and because it’s done through an external point of view – ours – it provides a more holistic analysis to add to their existing industry knowledge and insights. This can then be used to reinforce their existing positioning, or even help them shape a new one.