As every business owner knows, success in business means offering something more compelling, more enticing than the competition. This three-part article will help you measure your strengths against your competitors. I also offers strategies and recommended solutions to take advantage of opportunities in the marketplace.
SWOT
There is a basic formula for analyzing your competition: SWOT. This is an acronym for Strengths, Weaknesses, Opportunities and Threats. Within each area, there are questions you need to ask. You may not be able to answer all of the questions at first, just make sure you take the time to find the answers. Also, consider involving your partners, employees, colleagues to help. Those answers are your keys to placing yourself above your competition.
In this post, I’ll discuss the first area to analyze: Strengths.
Strengths
This is your first step. Consider your company’s strong points. These are from your own, your employees’, and your customers’ viewpoints.
- What clear advantage does your company offer?
- Why do your customers say they enjoy doing business with you?
- What stands out – is it your product or service, price, expertise, customer service?
- What do you offer that is not offered by any competitor – now or in the future?
Review the answers to these questions. Are your employees saying the same things as your customers? Your colleagues? Your vendors? Those answers that consistently repeat themselves from all sources are your primary strengths. Take these strengths, compare and contrast them with your competition’s strengths, and build a marketing plan and corporate culture around your distinct strengths.
In the next post, I’ll discuss the next two elements of SWOT: Weaknesses and Opportunities.
Continued in Analyze Your Competition – Part 2
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