How to think about competition

Competition is a word you hear a lot in business, and how you think about it can change everything. Some people think of it as a threat and something to avoid. But competition can be your best friend if you see it that way.

When thinking about competition, it's essential to understand what motivates people to buy a particular product or brand. What needs are they trying to satisfy? Once you know that, you can start to think about how your products or services can better meet those needs.

It's also important to remember that people usually have multiple options to satisfy their needs. So even if they're aware of your brand, they may still choose to go with another option. That's why it's crucial to innovate and improve your products and services constantly.

Think about what your competitors are doing to stay ahead of them. Are they innovating? Are they improving their products and services? Keep an eye on their strategies and see if you can learn from them.

Finally, don't forget that competition can be a good thing. It can push you to be better and work harder. Embrace it and use it to your advantage.

Your market share is more important than sales figures alone

Organisations tend to focus on sales when evaluating their marketing effectiveness. While sales are undoubtedly important, they don't tell the whole story. To understand how well your organisation is doing, you need to track market share.

Market share is the percentage of a particular market that your organisation controls. For example, if you have 50% of the market share for widgets in a specific city, you sell more devices than any other company. Tracking market share can give you a better idea of how effective your marketing efforts are than simply tracking sales numbers.

There are a few different ways to calculate market share. The most common method is to take the number of units sold by your organisation and divide it by the total number sold. This will give you your overall market share percentage.

Another way to calculate market share is to look at specific product categories or segments. By looking at specific segments, you can better understand which areas you're excelling in and which could use some improvement. This can be especially helpful if your organisation offers various products or services.

For smaller companies, you can assess the number of reviews you receive vs your competitor and try to calculate a sales figure based on the industry average. This is a weak way to calculate it if you have no alternatives it can help fill in a blank.

No matter which method you use to calculate it, tracking market share is essential for understanding your organisation's place in the marketplace and making informed marketing decisions.

Understand through data

One way to use data to improve your product or service is to look at long term trends over the years. This can help you understand what topics are perennially popular with your audience and plan accordingly.

To do this, start by looking at Google Trends data. You can see how often specific terms are being searched for over time, giving you a good idea of which topics are always in demand. You can also use this data to identify new emerging trends, change your product/service or adjust your content accordingly.

In addition to Google Trends, you can also use social media analytics tools like BuzzSumo to see which topics are being talked about the most online. This can be a great way to identify hot button issues that people are passionate about and capitalise on that interest with a well-timed blog post.

By keeping an eye on long term trends, you can ensure that your blog content is always relevant and engaging for your audience. More importantly, you can see if your category is rising or falling in popularity with consumers. As they say, all ships rise with the tide, likewise they all fall. So knowing the trends can give you insight your competitors are missing.

How to define competitors

It's essential to understand your competitors, but you shouldn't fixate on any company. There are several reasons for this:

1. You may find that you're not competing against the absolute leader in your industry and, therefore, not making the best use of your resources.
2. By fixating on a single competitor, you may miss out on opportunities to learn from other companies in your field.
3. If you focus only on one company, you may give them an undue advantage.

To avoid these pitfalls, take a broader view of your competitors. Look at companies in similar industries and see what they're doing well that you can learn from. Additionally, keep an eye on up-and-coming companies that could threaten your market share down the line. By understanding the competition, you can stay ahead of the curve and ensure your company is the best.

Consumers have many choices regarding the products they buy and the brands they support. For your brand to be successful, you have to compete with every other brand. This can be a daunting task, but it is possible to stand out from the crowd.

One way to make your brand more competitive is to focus on customer service. If your customers feel like they are being treated well, they are more likely to continue doing business with you. Another way to make your brand more competitive is to offer unique products or services that other brands don't have. This can give consumers a reason to choose your brand over others. Finally, you can also create a solid emotional connection with consumers. If they feel like they have a personal relationship with your brand, they will be more likely to stick with it through thick and thin.

Be aware of different segments

You should always be aware of the competition, no matter how big or small your company is. The most significant competitor will usually be the market leader, with the largest share of customers and revenue. Even if you think you are in a different segment from them, it's essential to watch what they're doing.

Competition can come from unexpected places, so it's essential to be prepared for anything. New companies can enter the market and quickly steal market share, so it's necessary to stay ahead of trends and constantly innovate. If you let your guard down, even for a moment, someone else could swoop in and take everything you've worked so hard for.

It's not enough to be aware of your competition - you need to understand them inside and out. What are their strengths and weaknesses? What do they do better than you? What do they do worse? Knowing this information gives you the ability to develop strategies to beat them at your own game. With careful planning and execution, you can come out on top no matter your competition.

The disruptors may be around the corner waiting

The rise of small brands has been a significant disruptor in many industries. In the past, large companies dominated the market share and controlled the prices. However, consumers are now more aware of alternatives and gravitate towards smaller brands that offer quality products at lower costs. This shift has pressured big businesses to adjust their strategies to remain competitive.

Interestingly, small brands in mass can have a more significant market share than brand leaders. This is because there are often many more small brands competing in the market than large brands. Therefore, big businesses need to keep an eye on their smaller counterparts to stay ahead of the curve.

To stay ahead of the curve, it's essential to keep an eye on potential threats beyond your immediate category. A disruptive competitor that meets customer needs in new ways could pose a significant threat to your business. By keeping an eye on these companies, you can adapt your business model to stay ahead of the competition.

Conclusion

In today's ever-changing world, businesses must constantly adapt to stay relevant. What might have been a successful business model in the past may no longer work, so it's essential to always be on the lookout for new competitors. A company that comes up with a new way to meet customer needs could quickly take away market share if you're not careful.

By monitoring potential threats and staying flexible, you can ensure that your business stays ahead of the competition. In a rapidly changing world, those who can adapt will be the ones who succeed.