There is always a way to stand out from your competition, but you need to do the research first, to see what opportunities there are to be remarkable. That is why it’s so important to work on the marketing strategy before doing anything else (like deciding which tactics you are going to use). A review of the competition is part of the research that goes into the marketing strategy project for Emmie Faust’s clients.
It’s much more important to spend time and effort focusing on how you can make your own business/products/services better than constantly worrying about what your competition is doing and whether they are bigger or better than you! There will always be companies that are further down the line with their business, that have been going longer, that have more funding etc.
So you can be one of those.
As Seth Godin’s says – find a small niche audience and serve them really well, be remarkable in what you do, and from there you will create a great business which you can then grow. For example, did you know that Airbnb started out with a very niche focus at the beginning? They concentrated on a small area in San Francisco initially (I think it was around the conference centre). They totally nailed this and after getting traction there, slowly increased the areas where they were operating and look where they are now!
First of all, when doing the competitive review it’s important to note that how in depth I do each of these will depend on the time, budget and size of my client. For a small yoga studio, the competition review will be relatively basic, straightforward and easy. For an SME business that wants to sell global products, like my client Ancient + Brave, then, there will be a decent chunk of work to be done. I’ll need to review competitors of a reasonable size, with a much more developed company, website and business/marketing strategy – obviously, that will take much more time.
(I generally try and put this all in a spreadsheet which I would update quarterly)
Once I have done all that, I often (depending on the size of the client) order products from both my client and some of the competition.
I’ll be reviewing things like:
I wanted to go to my first meeting totally prepared, knowing as much as I could about the competition so that I could go with a list of opportunities and marketing focus.
So, I contacted about 5 luxury holiday companies (including Mr & Mrs Smith). I gave them all an identical brief and it was very interesting to see what came back. The ask was a trip for 5 of us (husband and 3 young kids) to Singapore, where my husband had to stop for work for a few days. This would be followed by 12 days – ish at another destination, or maybe 2, which would be kiddy friendly, easy to get to from Singapore and have some kind of relaxation and luxury for me! This was an actual potential trip, so I was doing genuine research, which made me feel less bad. What I found out was amazing. Literally, the difference between all these ‘luxury holiday companies’ was quite fascinating. Some never bothered getting back to me! Some were totally on it – they had specialists in Asia that knew all the best places to go to with kids and sent me through amazing itineraries. They knew the intricacies of which locations would be in the rainy season, where to go to see elephants and which hotels had the best spas. They also all came back with different price points and packages. I spoke with their customer service teams. I awaited emails.
I urge you to do this.
In that case at least get as far down the booking process as you can. Sign up to their newsletter, follow them on social media. All this research will tell you what your competition is doing well and where there are opportunities.
Don’t copy the competition – find areas where you can do better, where you can serve a niche that they are not, where you can totally over deliver and delight customers. Find out where they are lacking and where you can take advantage.
Remember that the competition might turn out to be the lovely people that buy your company (if one day you might want to sell). Or as your company grows and so does theirs (one of you might pivot) you might even end up partnering with them.
Never be jealous, or annoyed with the competition, or even judge yourself against what they are doing. Do your best, serve your audience, find your niche and deliver amazing service and results. Find the potential opportunities where you can shine – there is space in this world for more than just one!
From 9 am to 12.45 pm, we’ll help together small business owners create a tailored marketing strategy that includes SEO, digital marketing and offline strategies, too.
The Early Bird offer expires at New Year’s Eve, and tickets are limited, so don’t delay!
Secure your spot by booking it now – and, may I ask you?, please, share our workshop with all of your friends who might be interested!
Thanks!
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