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Is it a competition if you can anticipate every move your opponent makes? What if you could look over the shoulder of your biggest competitor before every decision you make? Marcus Lemonis will teach you how important it is to update your competitive analysis and learn from your competitors. He used research to turn an essential lime pie shop into a top visited attraction even though the market is supersaturated. Now Marcus wants to show you how to grow your company with the same method.
Competitive Analysis: Learn from Your Competitors
Trust the Process Course
A competitive analysis compares your competitor's strengths and weaknesses to your own. The only way to know your competition's information is through research and the possibility of engaging directly. Your analysis aims to determine if there is an opportunity for your business and your product in the market. If you must take shares from other businesses, how will you convince your customer base of the difference between the two?
Create a competitive analysis by looking at companies in your line of business and those that share similarities. Include anyone that contends for your audience's attention and pockets. Think outside the box. For example, if you are a wedding planner, you won't immediately think reception halls are your competition. However, since you both are trying to attract brides, you will learn that some reception halls offer a wedding planner once you complete your research. Completing an intensive analysis will also open up possibilities for new successful products or services. That reception hall is looking for a business partner. Completing your competitive analysis can be as simple as answering the following questions:
- Define your ident clients. What companies are trying to get their attention? What are your competitors?
- What products or services do they offer? How similar and different are they from yours?
- What is their market share?
- What have they done in the past to promote their offering?
- What are their current promotional strategies?
- Analyze their results. What type of media do they use to market their products or services?
- What is their social media presence?
- What are each competitor's strengths and weaknesses?
- What potential threats do your competitors pose?
- What potential opportunities do they make available for you?
Learning from your competitors is crucial because it gives you a look at the rival team's playbook. Imagine being a coach of your favorite football team and knowing every play the other team would make; what are your chances of winning? How important is it for you to protect your playbook? What if you have a player that can turn even the worst play around? How do you keep a player like that on your team? You need to know more than the other team's playbook; you also need to know how to adjust your plays successfully.
If you operate a small business, you may need to recognize the need for a competitive analysis. You have spent so much time and energy trying to prove the concept of your business. Today you may have so much on your plate that adding even one more thing seems impossible. The good news is you do not have to do this alone. In your city, there is most likely an economic development organization that routinely collects data about your industry and even your product or service. Often this information is available for free or at a meager cost.
Works Cited
Trust The Process Course "Competitive Analysis: Learn from Your Competitors" Business Learning: Marcus for Business - Ideas, Information, & Inspiration, Section Three
