Why understanding the competition is key for your small business
Why understanding who your competition is so key in marketing a small business, and how it can have a huge impact on its success.
How can you differentiate your brand from the competition when you don't know them, and this is the big one. If this is all you take out of today's message, then perfect. If you don't know what you do differently to the competition, then how can you expect your customers and clients to.
People love choice and want to be able to choose right so you need to be able to own that space in the mind of current and potential clients where there's the least amount of competition for people to choose you. That's what marketing is, it's the battle of the Mind owning that space in the mind for the meaning of your brand and business that your competition doesn't own.
They say in some sports, that a winning strategy is built on good defence, well in marketing it's the opposite, it's built on great attack. Attack on the competition to be different and stand out.
Now to know which part of the mind to accommodate though, you need to know what part of the mind your competition is playing in. Here's some considerations for you to start thinking about on how you can be different to the competition. Is your point of difference based on your audience focus, is that different? Is it your price or your price range? Is it the product or service specifically that you're offering? Or perhaps the location that you focus on?
You need to be in that part of the mind that hasn't been taken by your competition, or there's the least amount of competition, and you want to be able to be on the top of that list if not the first choice. If you're not in that top list of choice, then it makes the journey a whole lot more difficult.
Once you know what the competition are doing, you can then find that piece of real estate in the mind that you can own and reinforce throughout all of your marketing, and in everything you do within your business, and that peace of the mind you can then call your own.