Rethinking Competition: How Can Market Analysis Improve Your Business
Is the word “competition” making you uneasy? You’re not alone. Many entrepreneurs see their business as unique, which it is, but that doesn’t mean they exist in a bubble. Understanding competition is not just about besting others; it’s about learning, growing, and even finding unexpected collaborations. Let me share a few stories and insights from my experience, illustrating how analyzing your competition can create new opportunities for growth and success.
Competition: More Than Just Rivals
In my work, I’ve seen how the term competition can be misunderstood. It’s not just about direct rivals. Competition means anyone in your sphere who can influence your market position. This includes those with similar or complementary offers.
A great example is Kristýna Richtrová, Managing Director at ImmiGreat, who views her competitors in a different light.
“My aim is to establish partnerships between immigration companies because I believe sharing is caring and it is always better to cooperate. This is why I follow other companies on social media and I keep close contact with a few of them to share tips and knowledge.”
Understanding your competition is crucial for your business growth. It can help you learn and collaborate while broadening your perspective. Not convinced yet? Let’s have a look at some more benefits.
The Positive Impact of Learning from Others
In business, it’s easy to get caught up in our own world. But remember, it’s not just about what you do; it’s about understanding how it fits into the bigger picture. Looking at your competition and learning from others isn’t a sign of weakness; it’s smart and keeps you connected with what really matters – your customers’ needs and desires.
Let’s set aside three major misconceptions I hear fairly often and explore the value of knowing your market and those within it.
- Myth: “Market positioning is only for big brands and corporations.”
Actually, it’s crucial for businesses of all sizes to understand their market position. Smaller businesses, in particular, can benefit from this to find their niche and stand out in a crowded market.
- Myth: “I’m too unique to have competitors so there’s nothing I can learn from others.”
How can you know how unique you are if you don’t look around? Understanding how others operate can spark new ideas and help refine your individual approach.
- Myth: “Following trends and best practices will distract me from doing it my way.”
Trends and best practices offer valuable insights, even as you carve your own path. They can serve as a guide, helping you blend your unique style with proven strategies for success.
3 Steps to Effective Competitive Analysis
Now that we’ve cleared up some common myths, how do we do a good competitive analysis?
- Gathering Information
It’s like putting together a puzzle. Begin by identifying who your competitors are. Investigate their websites, dive into customer reviews, and monitor their social media presence. Keep an eye on market reports and industry news.
- Analyzing the Data
Examine your competitors’ offerings, pricing, and marketing strategies. Then, map out their strengths and weaknesses relative to yours. Look for patterns. What are they doing well? Where are they lacking?
- Identifying Opportunities
Armed with these insights, it’s time to think about practical applications. Identify where your business can shine—be it through adjusting prices, exploring new marketing strategies, or introducing fresh services.
At the same time, don’t overlook the power of collaboration. Engaging with others in your industry to build relationships and exchange ideas can open up a wealth of opportunities, enriching your approach and helping you stand out in the market.
Take the example of Mama Tattoo Prague, led by Katie G. Tomaselli. While working together, we found her corporate background, mom’s care approach, and expertise in diverse tattoo styles set her apart.
We used her strengths – like her artistic variety, continuous learning and even the fact she was recognised by Forbes as one of the successful Czech women of 2021 – to position her studio as a haven for clients seeking deeply personalized, artfully crafted tattoos with excellent customer care.
Last Sip of Wisdom
Remember, analyzing your competition isn’t about imitation, it’s about inspiration. Because the market is always changing, your analysis should be ongoing. Keep your finger on the pulse and stay relevant!
Subscribe for more insights, and if you’re looking for expert guidance, I’m just a message away. Reach out, and let’s talk about how we can make your business shine.👇
Teny Tales
As a copywriter and brand consultant✍️, I help go-getters—whether you’re running a company, working solo, or leading teams—craft messages that resonate, not just fill space.
Thinking of polishing your online presence or crafting an entire communication game plan? WhatsApp me, for a free consultation, and let’s take your brand from ‘Who’s that?’ to ‘That’s who we need!’ 🤩
Not the right time to dive in? No worries—follow me on Facebook, LinkedIn, and Instagram, and let’s stay in touch!
One Comment
Foster Senu
The smartest root to market positioning is, branding and visibility.
Branding and visibility are integral components of market positioning, as they contribute significantly to shaping how your product, service, or company is perceived in the minds of your consumers
Small businesses, especially those serving local or regional markets, can benefit significantly from a well-crafted positioning strategy.
Great share, Teny Casal