Although many people say there is no real competition, the truth is there are others who do what you do. And that’s why studying your competition is necessary for many reasons.
And one way to to look at their products so you can differentiate!
Product differentiation is an essential component in being competitive today. Here’s how to make the competition’s products work for you:
- Identify the gaps – Line up your products with theirs to make gaps in either their offerings or yours apparent. Fill the gaps, improve the similarities, and you’ll differentiate your products in a clear way.
- Deliver more – Try out your competition’s products; see what you think about them. Figure out how you can make yours better than theirs. If you can also add more information, more features, better design and so forth to your products and services, that is a great way to differentiate your products from theirs.
- Create a different method of delivery – Is anything clunky or off about how your competition delivers their products? That is a great place to differentiate yourself and your business. If they are offering an ebook, think about video lessons instead.
- Make design a priority – They say not to judge a book by its cover but the truth is, everyone does. Make your covers super special by hiring professionals to design exceptional graphics for you.
- Give to get – People love feeling as if they are doing a good thing when they buy something they already want. This can be risky if you choose the wrong charity, though. You can be general with the notice or you can choose a number of charities to let your customer pick.
If you want to make an impact (and more profits), it’s time to embrace the competition and use it to make your products and programs stand out!