An essential component of strategic planning is analyzing how your business compares to your competition in the marketplace. Understanding your competition gives you valuable insight into market trends you may have missed and reveals what advantages they may have that your business does not. Rather than encouraging rivalries, you will use the information to improve.
How to Assess Your Competition
- Learn about their marketing tactics: how does your competition make their mark in your industry?
- Observe how your competitors advertise their products and services. Is their advertising strategy more appropriate and effective in your industry?
- Find out why customers choose their products and services: is it the quality or price of their goods and services, their excellent customer service, or is it the environment their business offers customers?
- Identify their pricing policies and compare them to yours.
- Learn about their approach to quality control.
How to Assess Your Business Using Your Competition
- Identify the threats creating obstacles to the growth of your business and reassess them with the knowledge you’ve gained from learning about your competitors. How can you strategize around those threats?
- Pinpoint your area of excellence: what does your business offer better than most of your competition?
- Identify your USP (unique selling position): a product or service your business offers your target clients they cannot find elsewhere.
- Assess how you will adjust your pricing to keep up with competitive pricing practices.
- Assess your current sales and marketing strategies: can you invest in more effective strategies?
Hiring a business coach to strategize growth gives you the advantage of having your analysis conducted objectively using data and world-renowned business growth strategic knowledge. A business coach will help you remain focused and goal-oriented instead of becoming overwhelmed with feelings of rivalry.
FocalPoint Business and Executive Coach of Racine, Wisconsin, Kerrie Hoffman, will conduct financial and behavioral assessments to help you understand where your business is according to your industry’s benchmark and to compare your selling strategies to top sales professionals.
Our Industry Benchmark and Comparative Benchmark reports produce financial metrics by industry code, geography, and sales volume and rank your business in the top 10% or bottom 10% according to the benchmark.
The TTI Success Insights® Sales Skills Index report is a survey comparing your responses to successful sales professionals to identify your knowledge of commerce strategies, strengths, and opportunities for improvement.
You will gather the insight and information you need to raise company value and stand with your competitors. Contact the Business and Executive Coach of Racine, WI, Kerrie Hoffman! Kerrie served over 35 years as an intrapreneur and business transformer in her roles as CIO, Operations, Supply Chain, and Sales. Reach her by calling 1-262-290-0650, emailing her at khoffman@focalpointcoaching.com, or taking the Executive Leadership Score assessment!
