1 day ago
Now you have an idea for a business, what is the next step? Get to know your competitors in details!
⠀ 🕵🏻♂️ Competitive intelligence (CI) means understanding and learning as much as possible, as soon as possible, about your external environment including your industry in general and relevant competitors. A thorough analysis of competitors in the beginning will help you to imagine how your idea can fly and how you can make it better.
1️⃣First of all, go to a competitors’ website and their social networks. Here you focus on the first impression:
👉how do they position themselves?
👉 what, how and to whom do they sell?
👉 do you want to buy or not? Why?
👉 what differ this competitor from others?
2️⃣Second, you analyze competitors' products/services. Look through the eyes of a buyer:
👉 Is it clear for whom a product was created?
👉 Does it cover the needs of a client?
👉 How is a product packaged / service offered?
👉 Is a price reasonable enough?
👉 Is it clear why you need to buy this product here?
You shall order a product or a service and analyze your experience as a buyer. Note all the advantages and create solutions for disadvantages/mistakes. Think of any possible problem, call to a support service, understand how they react and help you.
3️⃣Third, you evaluate a business model.💰Analyze a price list, prognose approximate turnover and, understanding the specifics of the business, possible cost. Then estimate income. Does it fit your expectations? What can you do better?
At every step, you shall draw conclusions about efficiency of methods chosen by a competitor.
These very first steps will help you to shape your idea, before you start to do anything further!🚀
And remember: nowadays just a few people create bicycles, but most of them become successful by transforming and improving ideas to make the difference! Do not copy, work on better product/service, packaging, delivery, find additional target audience. Open your eyes to everything!👀
Later on, when you launch your project in life, do not forget to continue monitoring your competitors to be several steps ahead! #makeittravel_lifehack
How often do you analyze your competitors?👇🏻