Do you have a cracking idea for a product service or business, or is your business already launched? Are you a pioneer, a first-of-its-kind type of business, or does your business play in a pretty saturated market?  

In this super-duper snack-sized episode, we are going to equip you with the four core questions you need to ask yourself when it comes to your competitors because this is all about using this Intel to optimize your business and stand out in your industry.

Do You Have Competitors Contrary To Popular Belief?

Having competitors is a good thing, while it’s awesome to have completely original business ideas, some challenges come when you’re a pioneer or category definer. If you’ve got clear and direct competition, that means you have guaranteed customer demand for what you’re offering and the hard work in creating the category has already been done. So at this point, it’s time to get started in diving deep into your market and sussing out what direct or indirect competitors you are facing.

How Do They Make Money?

 Can you research and find out just exactly how your competitors create revenue? What is their business model?  Do they have multiple revenue streams and what are they? How do they bundle their products and services? And most importantly, do you know how profitable they are?

This gives you a strong clue. If your business is on the money, as well as providing you with thoughts, and status for how to structure your revenue.

How Do They Market Themselves? 

What makes their brand positioning unique in the market? Is there something special about their look, feel style, and tone of voice? How did I package up and deliver their product? Do they have a niche or specific feature? Are they synonymous with something? What are they known for in the market?

How Can You Make Your Business Better? 

This is the most important question because right now you’ve gathered your Intel from your competitor analysis using the first three quizzes and your task now is to differentiate your business and make it even better than the competition. And you can differentiate and make it unique on a bunch of different levels. Think outside the square, it could be your product or service offer, it could be your brand that differentiates you.

The way you communicate, the channels you communicate with, your tone of voice. It could be your product delivery, how you package up and deliver your products, it could be your pricing, it could be how you bundle or package up your offers, products, or services.  These are all about looking for the gaps and opportunities where your business can shine and stand apart from the pack.

That is our four key questions when it comes to your competitors. Thank you so much for tuning in.  We are here every single week to teach you how to turn your unique skills into sellable desirable digital products. Digital products that you can package up, market, and make additional income from. 

See you next time and let’s get growing!

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