Identify your competitors.
Look at what they’re doing.
Figure out what they’re NOT doing.
We’ve all heard it before; analyze your competition.
But somewhere along the line, “competition” has kind of become a dirty word in business. It implies that we need to pit ourselves against one another, fighting for the same space, in order to get ahead.
But when you believe in abundance like I do, you know there is more than enough clients to go around, and there is going to be clients that are right for you and vice versa. There is no need to compare yourself, or your business, to others out there.
However, that’s not to say you shouldn’t check out your so-called “competition” anyway.
Because looking at your competition will give you good information on how to define your own services and describe the value of what you offer, without copying or taking away from anyone else.
Let me explain.
I define competition as anything your prospects could use to solve their problem, or attempt to solve their problem … other than hiring you.
If someone could decide that they’re going to figure it out on their own, the DIY route is your competition.
So let’s do a competition analysis and use it to come up with your own juicy language. Ready?
Step 1: Make a list of 5 competitors
Think of the different ways people could get the help they need. This could be hiring someone else in your industry, going with another type of business, using an app, reading a book, taking a course, using free resources on the Internet. Basically anything a prospect could seek information and help from, rather than working with you.
Step 2: Compare and contrast
Next, go through your list and compare how the competition does things versus you. For each person or thing in your list, look at these 3 things:
- Their philosophy: Analyze how they describe the problem potential clients face and how they run their business.
- Their methodology: Look at how they work, how they solve the problem. You can also look at what modalities they use or how their programs are structured.
- Their promise: What is the end result offered if clients do things they way they recommend?
For each competitor, answer these questions but most importantly, think about how you compare.
- What are advantages and disadvantages of looking at things their way?
- What are the advantages and disadvantages of looking things your way?
- What objections might there be?
Step 3: Develop your own language and value proposition
From your answers, you can start to see what really makes you stand out, the different angles of your own brand and use that information to create language around it.
The goal of this exercise is to help you develop your own philosophies and come up with the language you will use to describe your business. This language will be how the right clients know they resonate with you. It will help you connect with the right clients.
I know there are more than enough clients to go around. But looking at your competitors is still useful in helping you understand where you fit in. This exercise will show you how valuable you really are, how good you are at what you do and why clients should work with you.