Last Sunday I was watching the Wales v South Africa Rugby World Cup Semi-Final. The previous day England had secured their place in the Final and would be competing against the winners of this game. On a couple of occasions, the camera panned to Eddie Jones, the England Head Coach, with his management team, and on each occasion, they were making notes and learning about the play of the 2 teams on the pitch, one of which England would be playing this Saturday in the final. The knowledge learned at this match would help Eddie to determine the makeup of the team to field and the strategy they would adopt to play to their strengths and WIN the 2019 Rugby World Cup.
It’s the same in business; if you know more about your competitors than they know about you then you win. Follow these 6 steps to stay ahead of your competitors:
1. Carry out a SWOT analysis on your own business – its Strengths & Weaknesses (Areas for Improvement). Be honest; involving your employees and customers will make them feel valued and will get you great feedback.
2. Now do a SWOT analysis on your main competitors:
- Who are they?
- Identify the main ones
- Are they the same for each of your trading areas?
- If Not – Identify them by area
3. Create a comparison chart showing the differences between your company and each of your major competitors to identify your strengths against their weaknesses and vice versa:
- Business reputation
- Timeliness of delivery
4. Where you identify that you have weaknesses in their strength areas take remedial action to minimise these where possible and optimise your strengths.
5. Where you have multiple major competitors make individual members of your team responsible for building information on a specific competitor/s and keep the information updated, just as if they worked for that competitor.
6. Create and implement a sales strategy targeting your competitors’ customers using all the marketing tools in your armoury to highlight your strengths.
Use these 6 steps and to keep at least 1 step ahead of your competitors and watch your business grow.
About the Author Paul Clayton FISM
Hello, my name is Paul Clayton and I help SME’s and large businesses like yours to find, attract and gain new customers while boosting sales to your existing customers.
Start the process to take you, your people and your business to the next level. Contact me to arrange your complimentary, no obligation business review:
T: +44 (0) 1529 413476 E: email@example.com