Learning From The Competition

by | Mar 22, 2016 | Strictly Business Blog

Traditional business planning experts stress the importance of conducting a  “competitive analysis” and it certainly offers some value.  Understanding the strengths, weaknesses and market position of the people you’re competing against can help you differentiate your business, anticipate client concerns or objections and position yourself more effectively.  But, it won’t necessarily help you push your business to the next level.

Depending on your goals, evaluating the people you aspire to compete against can be just as (or more) rewarding.  Start by picking a manageable number of aspirational competitors – it does not need to be more than 5 – then research the bejeezus out of them.

How did they make it to the level they’re working at?  What do they offer clients that you and your current competitors don’t?  What skills would you need to gain to be able to compete effectively with them?

Look at their personalities, their communication skills, their people skills, their business skills and their work product.  Then, look at your own.  How do you stack up?  What do you need to change this year, next year and the year after that to fulfill those aspirations of yours?