Thank technology for the 21st Century. In this day and age, it’s easier than ever to find and collect the information you need, share ideas, or even shop for a coat right from the comfort of your home or office.
Further to this, the rise of social media and accessibility to small business start-ups means everyone’s information is a click of a button away.
The physical “mystery shopper” is on the decline in all but retail stores; but taking that idea and implementing it into the digital realm means you can (and should!) be “mystery shopping” with your competitors.
Seeing your product from the perspective of a customer is one of the most important angles you should be looking at for your business. Whilst your offering may be the best in the biz, how you are marketing or presenting it to your potential clients can be a roadblock in hitting your professional goals.
A similar product or business could have an almost identical offering, but if it’s billed with a lower price point, the customer trusts the company more or aligns their beliefs with them more than yours, they provide easier access or they have communicated it in a clearer way; you may have just lost a sale.
Let me give you a little personal anecdote on this one. I used to run a very well known corporate serviced office and co-working space in Sydney, Australia.
One of the tasks my line manager assigned me on starting was to do some competitor analysis and report back on my findings.
Another co-working space had just opened across the street, so I jumped on their website, booked a tour and headed over to view the space and “went undercover” as a small business owner after a meeting room.
Due to some miscommunication and scheduling, I wasn’t able to view the space with the community manager present, which as a customer didn’t make me feel appreciated.
My findings on the way they operated their space also helped me understand further why the company I was working for was the best at what they do. I was able to effectively report back on why their systems work and had been implemented. It was very clear that even the CEOs and founders had done their own extensive competitor analysis when setting up the business.
My hard work going undercover paid off; I won the Rookie of the Year award with that company 3 months after I started.
Competitor analysis doesn’t even have to be sneaky. This is an important way to network and share ideas with others in your field. You may find a competitor has implemented an idea you had a while ago in a different format and you can use this as a learning tool to upgrade your business even further.
It’s up to you whether you’d like to go incognito or be completely transparent when looking into what your competitors are up to. However, be sure to ask the right questions, particularly if you are stuck on any logistical elements. There is a high chance they have found a workaround you haven’t discovered yet.
Finally, competitor analysis is a fantastic tool to add to your presentations. With the right design, you’ll be able to effectively show exactly how your product or service differs from your competitors. Presenting this in a clear and engaging PowerPoint Presentation is another step towards success. Find out how your presentations can spur audience interaction.
Slidesho can assist in collating, designing and presenting your data to your potential clients, consistently giving you an edge on the competition.
Written by Paige Hart for Slidesho.
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