To succeed, knowing your strengths and weaknesses is not enough. You should also know your competition well. It’s an effective way to assess where you are at in terms of your competitors. Watch the video and be ready to GROW!
Have you ever heard of the phrase, ‘keep your friends close and your enemies closer’? A lot of people might point out that keeping your enemies close to you might improve their chances of sabotaging or ruining you altogether. But sometimes, the outcome is greater than the risk. Because when your enemy is close to you, then you’ll gain valuable knowledge that will surely improve your game plan in the marketing industry.
To know your competition, you need to be aware of the risks and consequences that come with it. It’s a two-way street. When you have your enemy right by their throat, you can expect a knife aimed at your back as well. While it may seem like it’s not worth the risk, you have to think of the well-being of your product or service. Being a businessman or entrepreneur means that you believe that you have the next best thing in this society! Your product or service is 100% better than everybody else’s!
But that’s the thing – because everybody else is going to think the same. It’s not enough to simply have a great product or service. You need to do more than that, especially if you have a target audience that your competition is currently eyeing. Remember – people only want the best for themselves so you have to give them the best! That means knocking out a few people along the way. But rest assured, with Loading Growth by your side, you can expect a few tips to get you accelerated on the right path.
Let’s get started!
Strengths and Weaknesses
Think of your competition as a mirror that allows you to see your best and worst assets! When you get to know your competition, you’re given insight into not only your strengths but as well as your weaknesses! The fact that you’re competitors means that you’re selling more or less similar products and services in the same industry. Now, this is obviously a problem if you want to capture the majority of your target audience.
But having similar products and services means that you will also have similar strengths and weaknesses to your competitors. This gives you an idea of what’s working and what’s not. If it’s working well for the competition, then it could work well for you too, provided that you give some minor tweaks every now and then. If it’s not working for your competition, then there’s a huge possibility that it won’t work for you as well. When it comes to business, knowledge is power!
Knowing the strengths and weaknesses of your competition is a sure-fire way of knowing your own. By understanding this, you’re able to create a well-rounded strategy that will minimize your weaknesses and highlight your strengths. This will definitely improve the way your products and services are marketed to the audience.
Growth and Innovation
The next best thing you’ll gain from getting to know your competition is getting to grow and innovate your business plan to target your audience and gain more sales.
When you understand what your competition is selling then you understand that there is always room for improvement. Everybody might have similar products and services but not everything is the same. This means that you will always either have an edge or have a weak point.
So by knowing your competition really well, you’re able to exploit their weaknesses and highlight your strengths. This also works well if you know what your target audience is looking for. The industry is fierce out there and research is key to being one step ahead of the competition.
The Best Coach Is Waiting For You!
Ready to know your competition but you are not exactly sure where to start? No worries! Loading Growth has got your back! With a set of tools, resources, and accelerators that are tailored toward business owners, business owners in the IT Professional Services industry can expect an improved game plan!
There are three steps in the Loading Growth Process:
1. Ready!
Signing up for a one-on-one strategy session with none other than Ian Markram, the business guru of Loading Growth.
2. Set!
Creating a personalized strategy that fits your business goals and understanding that every firm has its own unique needs, which require unique solutions.
3. Go!
Executing that strategy to perfection in order to improve your sales and growth for the overall business.
Interested? Then get in touch with the best in the business. Loading Growth’s gurus want nothing but the absolute best for you. To get started, email them at info@loadinggrowth.com!
Valuable Feedback
Sometimes, winners spend most of their time mulling over their lapses and losses rather than celebrating their wins. Think of professional athletes watching their games over and over again to understand what they could’ve done better or where things went wrong. Be careful not to be too absorbed with your mistakes though! That can lead to a downward spiral that might be too difficult to get out from.
Nonetheless, feedback is always good. And the best place to get feedback is from two places: your customer base or your competition. Earning feedback is necessary for strategizing and improving your brand message to capture the hearts and minds of the audience!
Remember – your competition is more or less selling a similar product to yours. When they receive feedback, consider it feedback to your own business as well.
A New and Improved Game Plan!
Those who don’t change are doomed to repeat their mistakes over and over again. Businesses are constantly changing to better fit the current trends and practices that successful people are adopting. So when you have knowledge and information that you’re constantly researching on and gaining from your competition, it means that you’re capable of creating a new and improved game plan that will keep people on their toes.
Marketing your products and services isn’t just about being loud and consistent on social media platforms. It means being aware of what people want and improving your brand message. And the best way you can get that information is by looking closely at what others are doing. In this case, your best source is going to be your competition!
Conclusion
To know your competition well, you have to take certain risks and do your homework right. Loading Growth helps in ensuring that these risks will pay off and your business plan will gradually improve to fit what the people want. The most important thing in this industry is to believe that you have the best product or service – it’s only a matter of making sure your audience believes it too.
