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Business is all about solving problems. And chances are there are some people looking to tackle the same issues as you are. To differentiate yourself, you must provide more value than your competitors and deliver better services and products. Conducting analysis on your main competitors to identify their strengths and weaknesses can help you position your business in such a way to fill the gaps in the market and deliver solutions for of your customer’s unresolved pain points.
What do your competitors offer? Who is their target market? How are they reaching them? Answering this type of questions can help you see where they are performing best and allow you to build upon their strategy and improve on the delivered services.
Do they have a great customer acquisition funnel in place? See how they’re doing it and replicate it to fit your products and services. Have you identified an area where they lack or that they don’t cover? Fill in the gap and offer solutions to your customers. Always look at being the best in your market by doing what no one else can.
If your competitors have changed their strategies, look how well they are performing and see if it’s worth revising your own tactics. You do not need to test things out on your own back. Let others do the work and learn from their successes and mistakes.
Provide the most values in your market
You can only be the best if you know what your competitors are doing. Understand them and outshine them.
Learn from other’s mistakes
If one of your competitor’s new marketing scheme has backfired, you can learn how to either improve on it, or cross it off your list.
Focus on your niche
Be specific with the services and products that you provide. Customers are willing to pay a premium in order to have their problems fixed. Make sure you are there to do so.
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