Analyze the Competition

It’s very important to know what your competitive advantage is. One of the best ways to determine your competitive advantage (if you don’t already have a crystal clear idea) is to analyze your competition. What are they doing? What are they not doing? What are they best known for – the good and the bad?

Why is this information valuable to have? It not only allows you to figure out how you differ from the competition, but also equips you with great talking points that you can use when meeting with prospects. I should say right off the bat that it’s unwise to trash-talk your competitors; however, there’s a way to explain artfully why you are better suited than a competitor for a job while staying positive. Here’s an example:

“[Competitor 1] is highly skilled at [insert service] and I’ve heard some good things from their customers; however, if you’re looking for [insert service that sets you apart from Competitor 1], our offerings are the better choice.”

Here’s a list of questions (originally published on this blog in 2013) that can help you determine your competitive advantage:

About your competition:

-What are they doing?
-What are they not doing?
-What are they best known for (both the good and the bad)?
-What do their customers value most about their product or service?
-If you worked for their company, what changes would you make?

About your business:

-Why did my customers choose me over my competitors (for closed sales)?
-Why did my prospects choose to work with a different provider (for lost sales)?
-What do my customers value most about my product or service?
-What do I want to be known for (e.g., great customer service, highest-quality products)?

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