(This is part of our Create your Plan blog series, to read the first one please click here)
Who is also doing what you do?
There are 2 types of competitors. Those that do what you do and those that offer a different solution to solve the same need. Take for example Car Companies – Their obvious competitor is other car companies, but they will also have an eye on other types of transport; bikes, taxis, trains and the many other ways people get from a to b. However, they are also competing with skype and other online and digital technologies.
It is easy to identify those that do the same as you, but you also need to consider if there are other ways that people can meet the need you want to satisfy.
Use this Competitor Research Template to compare up to (or more than) 4 competitors to help you to analyse what others do well, what they do badly, what you want to emulate etc so that you can identify the improvements that you want to make and so that you can identify your unique selling point (USP) and sets you apart from everyone else.
Take time to think about this and check back in a few days to read my next blog.
If you would like further explanation how to use this model please check out our packages for more information.
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