Have you written your Business or Marketing plan?
There is a section in your Business and Marketing Plan which is known as your Competitive Analysis. This is the section in the plan where you look at businesses that provide a similar or same service/product as yourself, and you seek to identify key points which differentiates their business from yours.
Some of these businesses you may compare your business to can be seen as; trailblazers, others innovators, others may have a fabulous reputation, others a bad reputation. Some seem to have a large market share, whilst others have a very profitable niche service and sector focus.
Basically, your Competitive Analysis is the area in your plan where you are seeking to build a dossier of the market within your sector; evaluate the information, and then decide how you can differentiate yourself from them.
However, at FP Comms, we have found it far more productive and beneficial to look at the Competitive Analysis in another light, we look at it as an opportunity to see those in our sector as our MOTIVATORS.
Oprah once said, when she started Harpo, she never compared herself to Donahue or Barbara Walters or any other talk show, she walked her own path and focused on her own vision. For us, within that comment, lies the truth of real success.
She was obviously aware of the other talk shows. But instead of seeing them as competition, she decided to view them as motivational force to create the best show that SHE could achieve and now she is the Queen of talk shows.
It is important for all of us business people to have a clear, vision, passion and goal. Of course be aware of the other businesses within your sector. However, it is equally as important to view their existence as an opportunity for you to bring something special to the market.
So we have question for you?
What is the one things in your sector today, that makes you stand out from the crowd?
Post your answers below, we would love to hear from you.