Eyes on The World

Running a business is challenging and time-consuming. It requires that you be aware of the competition at all times and understand how it impacts your business. One of the ways to keep abreast of the situation is to make sure that you have a competitive advantage.

In order to determine how your competition can affect your business, you need to be able to define your target market. Who are they, and what do you have to offer them? Once you’re clear about these two points, you will need to make a list of your competitors – those businesses who are offering the same service or product as you. What are their goals? How are they going about attaining their goals? What are there strengths and weaknesses? What makes them stand out? How do they get customers?

With a little research you will be able to get this information and have a little broader understanding of what attracts their customers to them. If you can assess this clearly and honestly, you will be able to develop your advantage.

How do you determine if you have a competitive advantage? Ask yourself these questions:

- Have I clearly defined my company and target market?
- Who are my customers?
- Who are my competitors?
- What is my strategy?
- Am I constantly aware of my competitor’s moves?
- Do I know and learn from my competitor’s strengths and weaknesses?
- Can I take advantage of my competitor’s weaknesses?
- Is my business unique? How is it unique?
- How do my prices compare to the rest of my industry?
- Am I aware of and sensitive to my customers’ wants and needs?
- Do I provide excellent customer service?
- Do I have the knowledge and resources to be competitive five to 10 years from now?

Talk to your customers and get to know them. Find out who they are and what they want. Then figure out how you can provide that for them in a very unique way. Make your service or product memorable.

Take a look at your product or service. Is it in demand? Does it perform up to standard and beyond? Is it reliable? Is it priced fairly? Are you known for quality? Do you periodically add new and/or different features?

When you’re marketing, focus on your benefits rather than the features. Have an attainable plan, and develop a back-up strategy, just in case. Before you implement your plan, get all the facts and data that you’ll need.

You will need to keep up with changes as you move forward. Talk to experts in your industry. Watch for lifestyle trends. Keep current with technology, especially if that is a major factor in your business. Know what the economy is doing.

Be always watchful. Know your competitors, and know yourself. Plan ahead.