When you run a small business it’s easy to wonder what your
competitors are doing and how you can stay ahead of them. Some experts say that you should watch your
competition closely but don’t follow them.
Others say you should think about improving upon their ideas. Either way you look at it, you should always
have a strong business plan in place to execute your strategy most effectively
regardless of what the competition is doing.
I’d say it’s important to know your competitors but not to
obsess over them. Don’t follow their
every move or try to duplicate everything they’re doing. “While studying competitors can be a shortcut
to learning what works, it can also be a red herring and a waste of time.”
Trust in your instincts.
Be original. Be different. Be creative.
Just because your competitor is targeting a specific audience, doesn’t
make it a profitable one. Do your own
research, implement your own tests, try new strategies and new offerings that you
believe in.
Do things that are hard to duplicate. Blogs, forums, user-generated content are
harder to copy. The more diverse your
content is, the less likely you are to find it being used elsewhere.
Stay one step ahead and never stop innovating. Continue to build upon your unique, creative
idea that led to your success in the first place. You’ll fast fade away from the scene if you
don’t stay current with market trends and the new and increasing demands of
your customers.
Don’t change completely though or stray too far from your
original idea – that’s what led you to success to begin with. Change solely for the sake of change can end
badly. Find ways to improve your
offering not just ways to be different.
Different isn’t always better.
Sometimes it can actually be destructive.
Know your customers and your competition. Always be doing research on up-to-date market
trends. Know what’s unique about both
your customers and your competition. Can
you do things better without straying too far from your original goals?
Easily differentiate yourself from your competition. Let your customers know why in fact you are
different and how you can service them better than what’s already out
there. Step up your marketing. Be visible to your consumer. Don’t fade off into the ether.
Always update your image with the times. Stay sleek and modern. Make sure your websites or any online
presence (or even catalogs, if that is an effective marketing tool for the kind
of business you run) are current and in line with a contemporary image.
Try targeting new markets. Obviously, you don’t want to ignore the
customer base that put you on the map to being with but it never hurts to
branch out into new arenas. If you are a
US-based business, maybe you might want to consider selling overseas?
Diversify. Again, you
don’t want to stray too far from your original idea but it never hurts to be
innovative in your strategy. Try to
expand your offering if it’s feasible.
Make sure you have a skilled, motivated staff. Customer-service is key to staying
competitive in the marketplace.
Consumers go where they’re treated best and where their needs are most
effectively met.
Lastly and possibly most importantly, look to the future. “Businesses that plan for growth are
more successful than those that are happy to stay still. Keep up with developments in your sector,
follow consumer trends, invest in new technology and - crucially - have a clear
idea of where you want to be in one, three and five years' time.”
Here are some articles you might want to check out for
staying ahead of your competition in business:
“Staying ahead of your competition”: http://www.bizjournals.com/orlando/print-edition/2012/04/20/staying-ahead-of-your-competition.html
“How to stay ahead of your competition”: http://www.openforum.com/idea-hub/topics/managing/article/how-to-stay-ahead-of-the-competition-adam-hartung
“Smart ways to stay ahead of your competitors”: http://www.cbil360.com/blog/2012/04/30/smart-ways-to-stay-ahead-of-your-competitors/
Until next time…
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