STEP 1: Find the “Competition”
They “offer” supposedly what you do… but do they? Can you improve on what they have currently? Figure out what you have and what they don’t and what they have and you don’t. Then add to your list of products or services. Step up your game! Try catering to more wants and needs
• Pick up to 5 competitors to monitor
• Learn who they market to demographically
• What is the pricing and level of quality
• Understand their philosophies and services
• Remember it doesn’t matter whether you have heard of them or not, they are competing for your business!
STEP 2: BE CALCULATING IN LEARNING WHO THEY ARE
Are they better than you? Well not for long. What is it about them to come to this conclusion? Quality vs Quantity? Service or Tailoring? Location?
• Sometimes if the price is low the quality is also low
• Be innovative and consistent, clients will take notice
• If your client knows of somewhere they think is better they will tell you, so make sure you are prepared to retain there business by offering something the competition wouldn’t do or have
STEP 3: FIND THEIR WEAKNESS/STRENGTH
You hear the rumours and they are true, make sure you don’t make those mistakes. Company X is “amazing” everyone talks about them…why? What makes them so special?
• You must offer something original with your product or service that only your business offers
• Make your website user friendly and interesting so you get the traffic and become known in your industry
• Some companies have partnerships, so think of synergy partnerships that can give you a competitive advantage
• Do they have a brand? Complete a USP and set yourself apart because you are unique! Create YOUR BRAND/IDENTITY
STEP 4: DO SOME ROLE PLAYING AS A CLIENT ON THE SITE
What do you like? What don’t you like?
• Grade them when you are finished to determine if they met your needs as a client
• Start planning how you will improve your site based on your criteria
STEP 5: FIND OUT THEIR STATS
What is that? Well it is a way to monitor your competition as well as your company on the web
• Check out Google Alerts, Technorati, and BlogPulse for details