Have you ever heard of the story of David and Goliath?
It’s an old story with an important lesson for every business owner.
You see, Goliath was a GIANT.
But David, merely a shepherd boy, wasn’t intimidated by his massive opponent.
He studied Goliath. Analyzed his strengths and weaknesses. And devised a strategy that leveraged his own unique abilities.
And guess what?
David was victorious.
The same principle is true in business.
Understanding your competitors and their strategies is the key to:
- Outsmarting them
- Capturing market share
And today, we’re diving deep into analyzing your competitors’ offers.
How do they make their customers buy?
Because your marketing can attract attention.
But if your offer doesn’t convert them?
It’s all pointless.
And that’s why you need to make sure that your offer is better than your competitors.
So, when I’m doing competitor research for my clients… There are 7 things I look for in their offers.
What 7 things?
😮 Unique Selling Proposition
This is something every business MUST have.
And behind every successful business lies this hidden gem.
A unique selling proposition that sets them apart from the rest.
Your task is to uncover these gems for your competitors.
Start by thoroughly researching your competitors’ marketing materials, websites, and social media presence.
Look for key messages, slogans, or claims they use to attract customers.
Analyze their product or service features, benefits, and customer testimonials.
What patterns do you notice? What seems to resonate with their audience?
By studying these clues, you can start to piece together their USP.
🗣️ Unique Process
Every business has its own secret sauce.
A unique process.
The process of how they conduct their business and deliver their product/service.
So, by peering behind the curtain and examining your competitors’ processes?
You gain valuable insights into how they create and deliver their products or services.
(You may even have to purchase their product/service for this.. which you always should!)
This knowledge allows you to:
- Refine your own processes
- Streamline operations
- Exceed customer expectations.
Note: Sometimes this unique process can also be a business’ USP.
Imagine being presented with a product or service that exceeds your expectations.
A deliverable that not only meets your needs but also leaves you amazed and delighted.
It’s a good feeling, isn’t it?
Outstanding deliverables go beyond fulfilling basic requirements.
They go the extra mile to surprise and delight customers.
They showcase craftsmanship. Attention to detail. A deep understanding of customer needs.
So take a moment to look into the deliverables your competitors offer.
Are there any additional services, customization options, or value-additions that make their deliverables stand out?
By analyzing and understanding what sets your competitors’ deliverables apart?
You can gain valuable insights to improve your own offers and create exceptional customer experiences.
🤩 Benefit Claims
We all want to feel like we’re getting the best bang for our buck.
And that’s where benefit claims come into play.
Your competitors make promises to customers, emphasizing the advantages they bring to the table.
But are these claims genuine?
By carefully dissecting their benefit claims, you can:
- Identify their strengths and weaknesses
- Refine your own value proposition
- Craft compelling messages that resonate with your target audience.
Basically, what benefit are they not communicating that you can?
🤑 Price & Terms
Competitors play a significant role in shaping the pricing landscape of your industry.
And when it comes to pricing?
You need to find that delicate balance between profitability and customer perception.
So take a closer look at how your competitors position themselves in terms of pricing.
Are they known for offering premium products or services at a higher price point, targeting a specific niche market?
Or do they adopt a competitive pricing strategy, aiming to capture a broader customer base?
Maybe there’s a price gap in the market that you can penetrate.
That’s how BOAT, an Indian wearable brand stood out in the market.
They found a gap i.e. the mid-segment (not too high and not too low) and dominated it.
🎁 Premium & Bonuses
You can put this one in the “Deliverables” as well if you wish.
But the thing is…
We all love a little something extra, don’t we?
Your competitors know that too.
Which is why they often sweeten the deal with premiums and bonuses.
These value-added incentives can heavily influence customer decisions and foster loyalty.
So, what is it that you can offer better?
😥 Risk Reversal
When customers make a purchase, they often perceive a certain level of risk.
Fear of buyer’s remorse. Uncertainty about the product’s performance. Concerns about the quality of service.
Your competitors also understand this and have possibly found innovative ways to alleviate customer worries and build trust.
Are you using money-back guarantees? Or is it a free trial/sample?
How can you flip the script and turn risk into your competitive advantage?
By understanding how your competitors handle risk and alleviate customer concerns, you can implement innovative risk-reversal strategies that:
- Build trust
- Boost conversions
- Position your business as the go-to choice.
✋ All of this is great, But Remember…
Knowledge is power, but action is the game-changer.
All of this information about your competitors’ offers is pointless if you don’t use it to make your own offer better and provide the best possible experience to your customers.
So yes, it’s time to take action.
Find out what your competitors are offering. Analyze. Adapt your business tactics. Stay one step ahead in the game.
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