BOO! How to Scare Off The Competition

Welcome back! Thank you for stopping by to read today's blog on what to do about your competitors.

The chances of owning a business that has zero competition is pretty unlikely. The best companies in the world remain at the top of their game by keeping a close on eye on their competitors. Knowing who your competitors are, and what they are offering, can help you to make your products, services and marketing stand out. And don't just research what's already out there. You also need to be constantly on the lookout for possible new competition.

C	Comparison – A competitive analysis allows you to identify your competitors and evaluate their respective strengths and weaknesses.
O	Opportunity - Identify opportunities in the market that are under-served. Make better informed decisions about your strategy and ensure you can create sustainable competitive advantages.
M	Measure - Draw up a list of everything that you've found out about your competitors. Draw up three lists: what you can learn from and do better what they're doing worse than you what they're doing the same as you
P	Performance – SWOT – Strengths, Weaknesses, Threats, Opportunities Do this for your business, as well as your competition.
E	Explore - What products or services should you offer? How you can market them effectively? How you can best position your business?
T	Take advantage of your competitors’ weaknesses to grow your market share.
I	Influence competitor behaviour to your advantage.
T	Team up – Don’t be afraid to team up with your competition.
I	Innovate – a thorough competitive analysis reveals insight to forecasting future investments.
O	Ongoing process - as with everything in your business, this is a dynamic, cyclic process.
N	Never stop looking for new ways to leverage your strengths and take advantage of your competitors' weaknesses.

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BOO! How to Scare Off The Competition

C

Comparison – A competitive analysis allows you to identify your competitors and evaluate their respective strengths and weaknesses.

O

Opportunity - Identify opportunities in the market that are under-served. Make better informed decisions about your strategy and ensure you can create sustainable competitive advantages.

M

Measure - Draw up a list of everything that you've found out about your competitors.

Draw up three lists:

what you can learn from and do better

what they're doing worse than you

what they're doing the same as you

P

Performance – SWOT – Strengths, Weaknesses, Threats, Opportunities

Do this for your business, as well as your competition.

E

Explore - What products or services should you offer? How you can market them effectively? How you can best position your business?

T

Take advantage of your competitors’ weaknesses to grow your market share.

I

Influence competitor behaviour to your advantage.

T

Team up – Don’t be afraid to team up with your competition.

I

Innovate – a thorough competitive analysis reveals insight to forecasting future investments.

O

Ongoing process - as with everything in your business, this is a dynamic, cyclic process.

N

Never stop looking for new ways to leverage your strengths and take advantage of your competitors' weaknesses.