We are always in competition, if not with other businesses or peers, with ourselves. Pulling yourself ahead of the competition is not easy, especially in a fast-paced world. Alex Only explains that not only do you need to worry about existing competition; you also need to keep a watch on forthcoming contenders.
Identifying your competition
“It is important to remember that you are not competing with everyone who shares a space with you. Therefore, based on your goals, you need to define and identify who the competitors in your niche are,” says Alex Only. He also states that you should define why you consider them a competitor. Some of the things to consider include: Similarity of product or service, similar client portfolio, your industry considers them your competitor, they have a presence in most of your markets, and so on. To understand your competitors in detail, you can gather information on these competitors through social media, websites, advertising, and promotional materials.
Gaining a competitive advantage
Before you start engaging competitors in a race, you need to gain a competitive advantage that will help you stand out from your competition. Alex Only explains that you are hardly considered competition for your competitors without a competitive advantage. Therefore, start by defining the unique features that make you a better pick than your competitors and focus on that.
“With a unique selling point in place, it is time to shout out loud and communicate your USP to your target audience and market, ensuring that your customers and potential audiences know what makes you different and better,” quips Alex Only.
How to pull yourself ahead
It becomes easier to start and continue winning when you’ve laid the groundwork. Alex Only says it is crucial to figure out how you beat your competitors and then work on fortifying your strengths and improving on your weaknesses. Remember to keep an eye on opportunities and new competitors/threats to avoid being dethroned. This ensures that once you are ahead, you stay ahead.
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