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Love Thy Competitor

Last updated June 11, 2012

This of course assumes that you know who they are!

First you need to know who you are competing against, and then you need to establish where you have a competitive edge over your competition. Let’s focus on the competition that is in the same space as you.

Set the criteria that you want to assess and mark yourself out of 5 for each element. For example, you might choose:

  1. Price point
  2. Reliability of the product
  3. After sales service
  4. Delivery
  5. Breadth of product range, etc.

Now, be really honest with your scores or this won’t work! Next mark your competitors – if you don’t know then you need to find out and quickly! Once all the scores are in you'll be able to see where you are better (and worse) than your competitors.

Related Article : How Well Do Your Know Your Competitors

You’ll need to work up specific actions to improve the worst aspects of your scores and then develop great sales & marketing messages to shout from the rooftops when you are better. Repeat on a regular basis and adjust your tactics as necessary.

Don't forget that anyone who competes for your customer’s money is a competitor. So, if you are a restaurant your competition could also be:

  1.  Another restaurant – obvious
  2.  Marks & Spencer's Dine in for a £10 (other offers are also available!)
  3.  The cinema, theatre etc.
  4.  The holiday fund i.e. a savings account
  5.  Shopping
  6.  A takeaway, etc.....

All in all if you ‘love thy competitor' you’ll be much better at establishing where you can compete with them, and win!

How have you loved your competitors?

shirley-mansfield-CoachSME
Shirley Mansfield
Master Business Problem Solver

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