Competition - Strategies for staying on top and leveling up your business

Competition. It can sometimes be seen as negative while other entrepreneurs see it as collaboration in the same field.

To me, a competitor is simply another solution that your clients look at in order to solve their problem.

No matter how you see it, your competitors still need to be kept in mind when redesigning your website. Not only can you see what they’re doing right but you can also see what they’re doing wrong and avoid it!

Click here to get the FREE course that will take your through the competitor analysis?

Step 1: Identify your target market (aka ideal client). You can do this by guessing but please, back up your online research by speaking to people you think would be a great fit for your business. Offer a small token for a few minutes of questions.

The most important things to know are: psychographics. It’s all about what makes them tick.

For example:

What brands do they follow?

Where do they shop for XYZ?

What issues are they seeing in ABC.

What solutions have they found?

What has worked? Why?

What hasn’t worked? Why?

Step 2: Make a list of the immediate competitors that your ideal client is aware of. If you’re a health coach, write down a list of 5 other health coaches. Make sure these are a nice mix of people at your level, above, and below.

See the differences in branding, copy language, images, and even the social media platforms they focus on.

Step 3: Go back to your questions with your ideal client and see what other solutions they tried. Did they purchase tons of nutritional books? Which ones? Did they try a personal trainer, then a group class, or tried to diet alone? How did each work out? What are these companies?

These are also competitors. You need to be able to understand why one client will purchase a book versus hire a private health coach. It might not be money, but instead they’re in a different stage in their journey. How do you sell to both?

Step 4: Create a chart and pick an area to focus your analysis, such as the website. See the image below (from the free course workbook) for an example of a grid I love using.

Sample page from the Free Brand Discovery Roadmap course!

This grid breaks up the items to look at and the competitors. For example, since our focus is websites, we’ll need to add these items to the left side:

Logo size

Color scheme (less than 3 colors?)

Popup used?

Email Sign Up on homepage?

Then go through and write the answer in the appropriate columns.

Step 5: Circle the important differences you’ve found. Does your website need help? Or perhaps it’s just the images that need to be better branded to your business? Perhaps you realize you need a freebie email opt-in?

Take the information learned and leverage it for either a rebrand or just to make a few edits. I recommend doing this about every year to stay on top of your competitors.

Need help with this whole competitor analysis /ideal client thing? Join the Free Brand Discovery Roadmap Course today. From videos to an in depth work book, it all there for you to level up your brand and kick some major business butt.

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