Erin Ferree
The Truth About Your Competition
Many business owners get very worked up about the issue of
"The Competition". But there are many things to keep in
mind about "Them" as you define your competition and plan
marketing materials that stand out:
Big businesses aren't your only competition. Be sure to
think about the smaller businesses that offer similar
products or services-sometimes they can be more of an issue
than their size indicates.
Your competitors are not just the other businesses that
provide similar products or services to yours. Your
competition also includes the other things that your
customer could purchase to solve their problem, even things
that aren't in your immediate field. For example, massage
therapists and chiropractors could be in direct competition
for relief of back pain. Also, look for alternative
solutions that might give your clients more pleasure-for
example, a married couple having problems might be more
likely to go on a vacation than to seek counseling.
Your competitors are often afraid of you, because you're
their competition, too! So, keep that in mind-you don't
need to be terribly concerned about them in many cases.
Don't make yourself a wreck over it.
Inaction, indecision, and postponement are other
often-overlooked competitors. What happens if a client
decides not to undertake the project or make the purchase?
In these cases, you still don't get the sale, making this a
valid form of competition that you should be concerned
about. Your competitors can even help you in many ways:
Direct cooperation: Partnering with your competition can
expand the services that you offer, enhance your product
offering, and allow you to brainstorm and leverage the
knowledge of others in your industry. Cooperation can often
be more powerful than competition.
Educating your target market: The competition's articles,
websites, and marketing materials can help to educate your
clients so that they come to you with enough knowledge to
make an informed decision. You can even think of your
competition's articles and information as work you don't
have to do, as long as you agree with their viewpoint and
find their pieces well-written. You could form an alliance
with them to sell their information products as an
affiliate, and make some extra money that way. Or you could
link to their articles from your website to give your
visitors more information on your industry.
Creating a stir: Competition between your business and
other businesses can generate publicity for your service or
product offering, which can generate more perceived need or
desire for the things that you offer. You might even get
mentioned by name in an article!
Providing information about what you are not: You can
contrast your business with well-known competitors to point
out what makes you different. By stating how you're
different from a competitor who is widely known, you can
often more easily express your differentiation.
As you can see, there's more to identifying The Competition
than just finding other businesses that offer similar
services to yours. You have to consider small and large
businesses in your industry, and you have to think about
the other businesses that provide other solutions to your
clients' problems or give them more pleasure. You also
shouldn't worry overly about your competition-they're often
concerned about you as well. And watch out for
inaction-clients might do nothing instead of purchasing
your solution. Finally, remember that your competition can
provide you with quite a bit of help-competition doesn't
have to be a bad thing!
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Erin Ferree is a brand identity designer who creates big
visibility for small businesses. As the owner of elf
design, Erin is passionate about helping her clients stand
out in front of their competition and attract more clients.
Her workbook, "Stand Out! Differentiate Your Business to
Build a Solid Foundation for Your Brand", will help you to
define your difference and find your best niche.
