Agh … competitors… the topic that no one wants to talk about. Some business coaches will ask you to conduct an in-depth competitor analysis and others will tell you that you are your only competition and you don’t need to know about them (or energetically go there).
I want to show you how to research your competitors in a way that you:
Stand out in the marketplace and make it easier for your customer to choose you.
Respect your competitors and their business and their right to great success
Protect your energy
Feel confident in you, your business and what you offer.
let’s get started.
The truth is that your customers and clients have choices and often they will explore their options and then choose what is the right fit for them. You want to make it really obvious who you are, how you can help them and what you offer.
Here’s how to do that:
- Look at your social media following and those of your competitors. try not to be bogged down by numbers and rather get an idea of their following and how engaged their followers are.
- Is it really obvious what your competitor’s value proposition is? Is there a clear statement telling you what they offer and how they help? This is usually in the instagram bio, Facebook about section, website homepage.
- Is there a clear customer journey? Are they guiding their followers to their website / where they can complete a purchase with them? E.g. Book your discovery call here, buy now, join us etc? This is also essential on all websites and there should be a clear call to action on the top of any home page?
- Is their brand clear, attractive, and appealing to their target market? Is their brand congruent across all platforms (social media, website, landing pages, handouts, flyers etc). Can you immediately tell, when scrolling through social media, one of their posts? E.g. everyone knows a coke can just by looking at it.
- Is their signature product/service clear and openly promoted. What is this? What is included? |
Once you have all of this information for your key ‘competitors’ you ask yourself the following questions:
- What have I learned about the marketplace? Where are there gaps that are not being filled? Could it be a product /service not on offer? Could it be a consistent, clear, and attractive promotion of what you offer?
- Has is your value proposition different from your competitors?
- Is your marketing consistent across all platforms? Is it easy to tell one of your posts when scrolling through social media?
- Is it obvious from your website and social media content what you stand for? What is your brand message?
- Is it easy for customers to buy from you and discover more about you and your business?
- What is NOT on offer by your competitors? Is it right for you to offer this alternative (e.g. other coaches may offer group coaching and one-to-one but not a membership – would a membership work for you)?
Take your time with this. You will get ideas for your business and the bonus is that your ideas will be different from the others in your market and now COMPETITING with them.