In today’s competitive and dynamic business landscape industry, it’s more important than ever for your business to stand out from others. There are so many options for clients and customers to choose from – so what makes them choose you?
Before answering that, it’s worth conducting a competitor analysis to understand what’s happening in the market and assist you in shaping your strategy to outshine your competition.
Competitor analysis is a great way to spot opportunities to innovate and enhance your services. You will learn:
- Your strengths and weaknesses – to inform your positioning and the image of your business that you want clients to have in their minds. Plus, give you an understanding of where you fall short of the client’s expectations, so you can invest time and resources in improving.
- Your market – so you can identify things you didn’t know or didn’t consider beforehand or highlight gaps between what your competitors offer and what clients want. This way, you can expand your offer to satisfy those needs.
- Industry trends – to understand the way the industry is moving as a whole and evaluate whether some services or processes create better value for your clients.
Competitor analysis doesn’t need to be complicated. Carefully select 4-5 potential competitors (whom clients would turn to if they didn’t choose you) to undertake a basic SWOT analysis. Research and review such areas as their services, pricing, target clients, branding, how they promote their business, company size and geographic location. There are plenty of places to gain this information, from websites and social media to client reviews, job ads and industry news.
You want to assess the comparisons and gaps against your business. What do you do well? What could you improve? Are there opportunities with your services? What new trends are on the horizon? Record your conclusions.
By conducting this exercise, you know where you stand in the market landscape and are closer to understanding why a client would choose you.
If you’re still none the wiser, businesses can gain and maintain an edge on the competition in many ways. Here are our top tips.
- Build a super team
The success of your business relies on your team and how you work together. If you create a positive and motivating workplace, not only does it encourage collaboration and builds trust, but it influences your ability to draw in other super talents. Your team has the power to influence your reputation so invest in them and the resources to enhance their skills.
- Deliver a phenomenal client experience
Clients want to feel valued and respected; they expect nothing less. They believe a client’s experience is a true marker of your business’s competency, so it’s time to listen and serve. Use feedback to better understand the overall experience, where to improve and how to make your clients happy. If done, you have the remarkable power of generating loyalty and recommendation.
- Provide evidence of happy clients
We’re all a little biased when we say our business is the best, but clients see through that and dismiss any claims unless they can be proven. This is where your clients come in. Their satisfaction shows potential clients what they can expect from you, so harness this into reviews or client testimonials shared throughout your marketing.
- Implement something new and valuable
If you want to take your business to the next level, consider introducing some innovative services, adopting emerging technologies or introducing new processes or solutions. Keep up with the latest emerging trends in the legal landscape and find ways to incorporate them into your business that makes sense for you, your team and your clients. It sends a clear message that you are committed to your client’s needs, today and tomorrow.
- Create consistent branding around your point of difference
First impressions of a brand are formed within the first 10 seconds and if you want to stand out for the right reasons, it’s crucial you get your branding right. Know what sets your business apart from others and centre your branding around this, including what images to use and what words to say. Make sure to make it consistent across all platforms, from your website and social media to any documents or marketing materials.
Embrace giving back
More people are actively seeking services from businesses committed to doing good for the world. By supporting various causes that are important to you, not only are you enacting positive change, but you are helping clients feel they are doing their part and that goes a long way in building trust. Your business’s giving and kind gestures won’t go unnoticed.
