Running a small business often feels like juggling a dozen hats while trying to stay ahead of the game. But what if I told you that your biggest source of inspiration is right in front of you? Yep, your competitors!
Instead of stressing about what others are doing, smart business owners know that watching the competition is one of the best ways to uncover what works, what doesn’t, and where there’s room to do things better. By learning from their successes (and missteps), you can refine your approach and carve out your own path to success.
Here’s how:
🔉 Listen Now
Learning from Competitors: A Small Business Strategy
1. Check Out Their Business Model
Get a sense of how they operate. How long have they been around? What’s their pricing strategy? How do they attract and retain customers? Understanding their business model can reveal where they excel and where you can offer something different or better.
2. Walk a Mile in Their Customer’s Shoes
Become their customer, even if just for a day. Try their products or services and see what the experience feels like. Was it smooth sailing or did it feel like assembling IKEA furniture without instructions? Taking notes here can help you improve your own customer journey.
3. Analyse Their Reviews (The Good, The Bad, and The Ugly)
Online reviews offer a front-row seat to what customers love and what leaves them frustrated. Look for patterns. If customers rave about their speedy service, take note. If they’re complaining about a lack of follow-up, there’s your chance to shine by doing better.
4. Peek at Their Digital Presence
Take a good look at their website and social media. Is their website easy to navigate or does it feel like a treasure hunt with no map? Are they consistently engaging with their audience or have they left their followers hanging? Learning from their digital strengths and weaknesses can help you build a stronger online presence.
5. Spot the Gaps They’re Missing
No business ticks all the boxes. Look for gaps they’ve overlooked, whether it’s a service they don’t offer, a demographic they’ve missed, or an inefficiency in their process. These gaps are golden opportunities for your business to fill and stand out.
Why This Approach Works
Analysing your competition isn’t about copying what they’re doing. It’s about learning, adapting, and innovating to create something even better. When you focus on improving what others have missed, you position your business as the smarter, more customer-focused option.
So, ready to turn your competitors into your biggest source of inspiration? A little research today could lead to big wins tomorrow. And if you’re looking for expert help managing your business finances while you focus on staying ahead, Bespoke Bookkeeping has got you covered!
