Know Your Competitors
I don’t know about you but when I’m making a pitch for business I find it very useful to know which competitors I’m up against or who the current supplier is. Knowing the strengths and weaknesses of the competition enables you to focus on areas where you are strong and they are weak and of course, whilst it’s unprofessional and can be counter-productive to be rude about the competition the odd hint or two doesn’t go amiss!
Are they expensive, cheap but with poor quality, slow, poor technically, unduly reliant on junior or inexperienced staff, impersonal, too busy, desperate for work, not local, offer guarantees, good bad or just indifferent? What can you offer that they can’t?
In addition, studying both successful and unsuccessful competitors is of huge benefit to running your business in a better way. What they do right, you can copy and improve on. What they do wrong, avoid at all costs. What can you do to stand out from the crowd?
So here is a Competitor Analysis Worksheet with a built-in Action Plan. In there you will find some very useful prompts that will enable you to cover off all the important points and then take action to improve your business. There is no better way to get ahead of the competition. If you have loads of competitors, don’t try and include them all in your plan. Just include your main competitors or perhaps one small firm, one medium and one large.
Start by writing down their names and what you know about them. Speak to your customers who’ve used them in the past, previous customers who’ve moved to them, suppliers to your industry, their current or past staff or common contacts.
Still don’t know where to start? Contact Nick on 0800 ASK NICK or email firstname.lastname@example.org and start improving your business today!