This week is focused on finding and analyzing your competitors to outperform them. It’s of critical importance to first define your own market before being able to identify the competitors within it.
Don’t make the common mistake of misidentifying your competitors. For example, people tend to compare themselves to the biggest known competitor or target all the competitors.
To begin, add folder “2 – Competitors” to your existing file structure and download Competitors Analysis.xlsx.
We will be using ‘Anchor Characteristics’, they define your business and the market you are operating in. They are analog to the Five Ws (Who, What, When, Where, Why). The goal here is to summarize your business and get your plan on the right tracks. It’s about your business, not your product benefits and characteristics.
Open the Competitors Analysis.xlsx and file your Anchor Characteristics.
List your business in the table and complete the “Metrics” section using the metrics from last week. Leave the rest for the next section.
As an example for the metrics section, we will be using a 3D printing company located in Canada that supplies 3D printers.
- What are you selling
- Ex: 3D Printers
- Business Type
- Service Provider, Manufacturer, Reseller, Affiliate, Content Provider?
- Ex: Reseller
- Ex: An average of 1299.99$
- Target Audience
- Adults, hobbyists, tech-savvy people
- Target Location
- If you can specify a location for your business, it will allow you to properly find competitors and also focus your efforts.
- Ex: Our 3D printing company has a warehouse in Canada, her location will most likely be North America because US and Canada have a trade agreement that makes shipping/import easy. This company would probably be uncompetitive shipping to Europe compared to a competitor that has a warehouse in Europe because of the import fees. Think about it, setting a worldwide location for this business would also mean they would need to ship 3D printers with power adapters for Europe and all the regions they want to ship to. It’s better to focus and make a market grab where you are already established.
- Ex: Just like the location, language is important. English is not always the answer. Sometimes, small markets are defined by a specific location, with a specific language. Adding a new language to your website can also be a good idea. You must ask yourself if the price of adding a new language is worth the increase in population reach.