How to have a healthy relationship with competitor analysis and avoid ‘comparisonitis’.
I see it daily. People feeling down and out because of competitors. Now yes, we have our lame copy cats who can’t come up with a good idea themselves and take the easy road of ripping off your stuff - design, ideas, content etc. Sometimes a call to a law expert may be warranted, but, keep in mind we are often exposed to similar material, there are trends we follow and then there are logical business moves to take. If you are in the same industry, with the same ideal client, you will most definitely have crossover!! There have been times where I’ve whipped up tips and advice for my socials and been super pleased with myself for coming up with something new only to find someone else has done very similar and they did it before me!
Highlight your points of difference, unique selling points and credentials. That’s your edge - your competitive advantage. We need to sell our benefit, highlight our value and know what sets us apart. I like to select three key points that I use as the basis to build a brands unique selling proposition. So using myself as an example: my three points that I want target clients to know are;
Grew up in small business, have my own business and have a deep understanding of business owner life.
Have studied extensively across business, education, communications and marketing.
Work as a trainer and assessor delivering accredited units in courses such as Business, Social Media Marketing, Entrepreneurship and New Business, Leadership and Management and Business Administration.
These are my areas that I want my ideal client to know about because it shows my credibility and others that are targeting my ideal client will have their own unique set of selling points so I need to highlight my strengths - it’s not the time to be modest. You can do this without feeling like you’re bragging.
Competitor analysis is a vital part of measuring our business feasibility but I always warn against crossing over into what I call ‘competitor comparisonitis’.
Competitor comparisonitis is where you focus on the negative rather than using the exercise of competitor analysis as the tool that it is to strengthen your own business model. Take the personal out of it and focus on their key offerings and messaging. And please, please keep in mind not everything is always as it appears from the outside. I’ve seen businesses that appear to be thriving buckle, I watched businesses that I thought offered great services only to then have past clients tell me it wasn’t good at all. You don’t know what’s going on over there so don’t let it keep you up at night. You are in control of you and your internal environment - at the end of the day we need to shine because of what we do and how we do it!
