Evaluate Your Competition: The 6-Step Guide You MUST Follow
Chris Michael Harris, Entrepreneur
Before you start, please don’t forget that we’re creating a video for you who wants to start your business this 2021; check that out because if you jump right this topic, you’ll lose some critical value that I’ve discussed in our previous episode.
But if you have read the 1st, 2nd, and 3rd episodes, let’s not waste your time, dig in. So, here are the six steps to evaluate your competition:
1. Look for competition
I talked about this in the previous episode that we need to look at the breadcrumbs left by our competitors, their success and failures will go tracks, and that’s good stuff for you. Not having competition in your market is not a good thing. So one of the things I wanted to do is assess the market, is there a competition? Does it at least exist?
2. Narrow them into 3-5 competitors
I would try to figure out those three to five that most closely resembles what you're trying to do, the people selling something very similar to what you're trying to sell. It's great to have other people that are sources of inspiration for you.
3. Figure out where they are on the web
Check out their podcast, social media accounts, blogs, or any other resources they have right now. Once you do that, your competitors will help you locate where your target audience is hanging out. If you're seeing a common denominator of your competitors heavily involved on Instagram, there's probably a reason for that.
4. Study their websites
The thing we can do is look at their websites, read through the copy on their sites, read the about section. Many of them will have services have a service tab on their website, and it'll tell you who they serve and how they do so. You can tell they've made many trials and errors and have figured out what works in their market. You may also be able to find price points, and sometimes companies will be very transparent in their pricing, giving you an idea of their competitive market rate.
5. Go through their sales process
You can go through their sales process, funnels and even buy their product to see how they stack their value ladder. Doing this can help you gather out so many meaningful insights. It's taking years of experience and being able to put it right down in front of you and analyze it by that.
6. Watch their content
When you watch their content, when you listen to their podcasts, when you go through their YouTube channel, when you look at their Instagram content, Twitter, or wherever they're hanging out, you're going to find out a lot more about sharing the journey. They're going to share meaningful insights about things they've learned and things they've tried, and the things that didn't work for them.
Wrap Up
Again, competition is not a bad thing when it comes to business. You've heard me talk about this many times that if you think the market is saturated, you don't know your market that much, you need to find your place in the market, and that's how you play it. Never be threaten with your competition.
I hope you learned a lot from this episode. If you're new here and you want to build a profitable income this year, please please check the other episode or visit my Youtube channel here. You'll find value in it, and I made it very digestible for you so you'll never get overwhelmed with so much information. That's it! See you in the next episode!