𝗕𝘂𝘀𝗶𝗻𝗲𝘀𝘀 𝗖𝗼𝗺𝗽𝗲𝘁𝗶𝘁𝗶𝗼𝗻 𝗦𝘁𝗮𝗿𝘁𝘀 𝘄𝗶𝘁𝗵 𝗞𝗻𝗼𝘄𝗶𝗻𝗴 𝗧𝗵𝘆𝘀𝗲𝗹𝗳
“𝐈𝐟 𝐲𝐨𝐮 𝐤𝐧𝐨𝐰 𝐭𝐡𝐞 𝐞𝐧𝐞𝐦𝐲 𝐚𝐧𝐝 𝐤𝐧𝐨𝐰 𝐲𝐨𝐮𝐫𝐬𝐞𝐥𝐟, 𝐲𝐨𝐮 𝐧𝐞𝐞𝐝 𝐧𝐨𝐭 𝐟𝐞𝐚𝐫 𝐭𝐡𝐞 𝐫𝐞𝐬𝐮𝐥𝐭 𝐨𝐟 𝐚 𝐡𝐮𝐧𝐝𝐫𝐞𝐝 𝐛𝐚𝐭𝐭𝐥𝐞𝐬.”
Sun Tzu’s words* may apply to business competition.
𝗖𝗼𝗺𝗽𝗲𝘁𝗶𝘁𝗶𝘃𝗲 𝗮𝗻𝗮𝗹𝘆𝘀𝗶𝘀 helps you identify growth opportunities, improve your value proposition**, and learn new ideas and trends.
To conduct a comprehensive analysis:
𝗗𝗶𝘀𝗰𝗼𝘃𝗲𝗿 𝘆𝗼𝘂𝗿 𝗰𝗼𝗺𝗽𝗲𝘁𝗶𝘁𝗼𝗿𝘀 by listing companies with similar products or services as well as those serving related needs.***
𝗗𝗲𝘁𝗲𝗿𝗺𝗶𝗻𝗲 𝘄𝗵𝗮𝘁 𝘁𝗵𝗲𝘆 𝗼𝗳𝗳𝗲𝗿 (e.g. product, services, and prices). Note: With lost deals, ask prospects why they chose competitors.
𝗥𝗲𝘀𝗲𝗮𝗿𝗰𝗵 𝘁𝗵𝗲𝗶𝗿 𝗺𝗮𝗿𝗸𝗲𝘁𝗶𝗻𝗴 𝗮𝗻𝗱 𝘀𝗮𝗹𝗲𝘀 content and channels
𝗘𝘅𝗮𝗺𝗶𝗻𝗲 𝘁𝗵𝗲𝗶𝗿 𝗽𝗿𝗶𝗰𝗶𝗻𝗴 𝗮𝗻𝗱 𝗻𝗲𝗴𝗼𝘁𝗶𝗮𝘁𝗶𝗼𝗻𝘀
𝗣𝗿𝗶𝗼𝗿𝗶𝘁𝗶𝘇𝗲 𝘄𝗵𝗮𝘁 𝘁𝗵𝗲𝘆 𝗱𝗼 𝘄𝗲𝗹𝗹
But BEWARE - While there are benefits here, obsessing over competition disrupts your vision and growth by reacting to others instead of innovating yourself.
Competitive research can offer amazing insights. Done correctly, you’ll capture new ways to stand out and benefit customers.
* The full quote: “If you know the enemy and know yourself, you need not fear the result of a hundred battles. If you know yourself but not the enemy, for every victory gained you will also suffer a defeat. If you know neither the enemy nor yourself, you will succumb in every battle.” ― Sun Tzu, 𝑇ℎ𝑒 𝐴𝑟𝑡 𝑜𝑓 𝑊𝑎𝑟
** See article on Value Proposition here: https://bit.ly/3f69czx
*** An example of serving related needs is if you are McDonalds, you may review all fast food restaurants, not just those serving burgers and fries, since they also provide quick and cheap meals.
Photo by Europeana (Europe's digital platform for cultural heritage) which can be found here: europeana.eu