- Research the competition
- Review strengths of each and create comparison worksheet
- Position your company relative to the competition
Review Competing Brands and See How They Position Themselves
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As you define what your brand is all about, take time to check out competing companies. Consider creating a simple comparison checklist of key offerings (such as low cost, fast turn around, high end solutions, emphasis on service, etc.) and see if there are obvious openings in the marketplace.
Think broadly when you define your competition. Look at related companies that ultimately may be competing for your same customer. A video store may compete with a movie theater since both fulfill a similar desire/need.
You can check out ads as a first glance at what the brand is promising. Even yellow page ads may include a tagline. You can also call competitors and ask what they consider their strength. Most salespeople will quickly tell you why you should do business with them. If they list many strengths, consider asking which stand out the most.
Force them to pick and you will likely uncover the top one or two. You can also ask for a reference account or past customer and interview them as well. As you pose as a potential buyer, you will learn a lot about the business.
While some may say this is not honorable (calling and wasting their time), I would argue that you might some day use them as a back-up to deliver work for a larger client. For example, you may get in over your head and need to sub-contract / outsource the work, and the more you know about these competitors, the better off you will be to know who to call.
Determine how you want to position your company relative to the competition. By staying clear of one of their strengths, you are not as likely to compete head to head and may actually take business they wouldn't have gotten anyway. For example, if you go the low cost provider option and they are expensive, you may end up serving two distinct customers.
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