Of course, it can be tempting for new entrepreneurs to focus their efforts firmly on their own businesses, not wanting to become unduly concerned with competitors until later in the game, and believing that their achievements will speak for themselves.But more than ever in this digitally-driven world, business is in a constant state of progression – and that’s as true for your competitors as it is for you. By keeping clued-in, you can allow your business to truly stand out. Develop 360 vision If there’s one vital thing to take into the business arena, it’s a thorough knowledge of where you stand in it. This means researching your direct competitors, as well as those worth aspiring to – not to mention any up-and-coming potential competitors following in your footsteps. Innovations catch on quickly, so smaller competitors can catch you up and overtake you in a matter of days. Get to know their brands, values and journeys intimately – and then fill in the gaps. Don’t be afraid to compare and contrast yourself with your competitors. Reading between the lines is crucial to building your own distinct brand Does a direct competitor focus on a specific audience? Then there’s a gap for you to target the demographics that they’re not reaching out to yet! Does an industry leader maintain a strictly professional tone? Maybe your company would stand out by adopting a friendlier approach. Expect the unexpected The business world stands still for no man, so beware of becoming complacent! New competitors can emerge at any time, and your current competitors can pull something new out of the bag at a moment’s notice. Keep a keen eye on business news, and react to it with relevant content as soon as it breaks. Sharing your opinion on current affairs not only keeps your brand ranking highly in online searches, but also positions you as an industry leader with opinions worth hearing. Keeping your clients and competitors regularly informed of your own successes and ventures is similarly important – you don’t want your breaking news to be overshadowed by a competitor’s, so be reactive and get your information out there while it’s fresh! Take advantage of social media platforms to keep keen customers updated on every step of your business journey. Remember – if your business’ online presence goes quiet for a while, it will soon be forgotten in favour of a more active brand.
Read more on competition:
- A lack of competition in business breeds complacency
- Why Jack Daniel’s owner decided to sell Southern Comfort brand to rival
- How to compete if you don’t know who your competitors are
After Uber launched food delivery UberEats in June, Deliveroo has risen to the challenge with a $275m Series E investment to scale its operation.
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