Analyze Competition

Everyone realizes they have competition. Most people do not have the courage to analyze competition, though. Unless you look closely at them you have a huge blind side.

Business is a kind of team sport in that there are teams competing for goals. If you do not watch the other team during the plays your whole team will be running around the field with their eyes closed. Imagine how ridiculous that would be for a professional sports team. Yet, many companies do exactly that in business.

We will analyze what the competition is doing and consider what is working for them and what is not. We will not let you go into the game blind. We will also analyze why it is or is not working for them. You cannot just adopt whatever works for the other guy. There may be reasons why it works for him and not for you that are specific to his business model or some other aspect of his operations, history, or even geography.

We will analyze competition to predict where they are going next in the game. What is their game plan, short term and long range? Then we can develop an appropriate strategy for you to beat them. There is no way you can continue to succeed in business without using some level of prediction.

The most obvious area companies watch is the advertising. As soon as one company has a hit with an ad you see every other company adopting it and launching their own version with their own branding on it. You might think the public is smart enough to see right through this behavior, but in fact the public is reacting emotionally to the first ad and demonstrates a similar level or higher of emotion toward the imitation ads by other companies. Quite frankly, it is often not good to be the first one to come up with the ad.

We will look deeper than the surface level when we analyze competition. Ads are on the surface of the company. What about the way the competition manages customer service? What are their billing practices? Maybe their product packaging is so efficient that they can beat you in pricing with their hands tied behind their backs. If your competition is doing any aspect of business better than you are, then there is no excuse why you cannot at least match them by simple research and analysis.