Stop overlooking your competition

Don't agree with me? Let's dig deeper...

You have a unique concept for a business and there is nothing like it around you…
There is no one else doing it exactly like you do with exactly the same products with exactly the same hours.

Of course there is no one like YOU! Don’t let that go to your head when you are setting the foundation for your brand. It’s easy to be fooled into thinking that there is no overlap between your target audience and those of another business.

Before we jump into talking about your competitors and how to identify them, hang on to those ideas for what makes you so unique—they will be important factors as you work to promote yourself and might help determine your Unique Selling Propositions (USPs). We won’t get into too much of that today, but important to note nonetheless.

How to determine who they are:

Example: Let’s say you are planning to open a new bookstore and you also want to offer study spaces for people who want a quiet space to work outside their home. Maybe you live in an area where there are no other bookstores who offer this service, so you assume they are not your competition.

Try again…

Dig deeper to find the overlap. What types of people do you want to attract? Where do they spend their time now? And where else might they accomplish the same thing or some of the same things as your new business?

If your city has a public library, they will also attract your ideal customer because they have loads of books and often offer study spaces. And on top of the huge selection, they are free to read! We may not think of them immediately because they don’t present themselves as a normal business, but they are still drawing in people who might otherwise come into your shop.

Another potential competitor is a local coffee shop. How does that track? Sure they don’t sell books, but they might attract your ideal customer because they can also get a snack or beverage while getting work done. Easily bringing their own book along for reading as well.

Let’s keep our egos out of our strategic thinking—instead of thinking of competitors as businesses exactly like yours, start to think of them as business that might be attracting your ideal client. You can let people know what makes you special through your marketing, promotion, and branding. When your touch points share your unique story and USPs, your audience will know that you are right for them.

Reminders

Our competitors may not be exactly like us, so we have to do additional research to investigate where there may be overlap in our target audience.

Competitors…

• aren’t always in the same industry.
  
• are at the same market, in the same shop, on the same shelf.
  
• Especially true for product based businesses since you are trying to attract the same eyes within the same space.
  
• have similar hours or parallel service that solve the same problem.
  
• Problem: I’m hungry, Solutions: grocery store, food cart, restaurant, etc.
  
• Problem: I’m bored, Solutions: walk, park, event, workshop, concerts, etc.
  

Let’s stop thinking of competitors as the enemy.

Just because someone else might be “competing” for the same customers doesn’t mean we have to dismiss their work or use dirty marketing tactics that turn customers our way. It doesn’t have to be us vs. them, but how are we more aligned for our clients or customers to be a better match for them.

If we get creative and think more about building up our community, the people who would normally be considered competitors can turn into something more supportive.

• They can be collaborators (can extend your network and online reach)
• When we have too much work, we can outsource to help lighten the workload
• Send referrals when you are booked or when someone isn’t a good fit.
• They can be friends (can help us reflect and make improvements)
• By sharing our experiences, we can help both our businesses grow.
• Brainstorm ideas for new services or for promotion.
• They can even become your biggest supporters
• You both can provide insight, share knowledge and resources that help you feel valued.
• Celebrating wins together and being there when we hit a low.

We can acknowledge that we may be working to attract the same audience while also understanding that there are plenty of clients or customers to go around. Working with some of my “competitors” has led to some of my largest design projects. Talking through industry trends and business experiences with them has made me feel like I still have awesome coworkers! I encourage you to think differently about your competition—how can you lift each other up?

When and why should we pay attention to the competition?

In regards to branding specifically, we can learn a lot from researching competitors. Not just the visuals either. I’m talking about copywriting, photography, logos, personality and more—the entire brand identity, every piece helps tell your story and attract the right people.

When we are establishing brand guidelines and our visual identity, it is essential to see what is already being done. It is much easier to consider your competition at the early stages of brand strategy and design than later on.

Things to consider:

• What they look like (color usage, logo, type system, imagery, etc.)?
• What they sound like (how do they communicate with their audience)?
• Is their website user-friendly?
• Easy to navigate?
• How quickly can you find what you’re looking for?
• Good experience?
• Where are they promoting their products or services (online, print, at events, etc)?
• What emotions came to mind when you interact with any of their brand touch points (shop, website, promo materials, etc)?
• What makes us different (doing competitor research helps us highlight USPs)?

After conducting research and observing our competition, we need to recognize the importance of being true to ourselves. If we decide that we are going to create a logo, website, package, etc. that looks like everyone else in the industry, we are making it harder on ourselves to stand out.

This is where the importance of design comes along!

• Visual identity (logo family, color scheme, type systems and more)
• Leads to more brand recognition, which builds trust with your audience—people buy products from people they trust!
• Impacts the perception of our product or business in the market: if you don’t look like a pro, people might take more convincing before making a purchase.
• Package design
• Competing with other products directly on the shelf, so our designs need to keep our competitors in mind.
• Make it easy for your customers to find you and easy for them to quickly find what they are looking for.
• Know your audience
• The better you know them, the easier you can draw them in through your packaging, displays, promotion, etc.
• If you know them, you know what information they prioritize (super important for market displays and package design).
  

Final thoughts

If you’re thinking that this all sounds like too much to uncover on your own—I encourage you to consider working with a brand designer or a brand or marketing strategist. You could probably also talk about your competitors with a business advisor or thought partner (my friend Angela is a great one as she sorts through the chaos of business and simplifies systems to create something more sustainable).

There’s no shame for asking for help, running a business is hard and sometimes we need extra support sorting through the weeds. I encourage you to pursue extra guidance whenever you start to feel that overwhelm or burnout, as it might be enough to help you keep pushing forward. You don’t have to work with a service provider—it could be as simple as calling a friend or fellow entrepreneur, searching for a book about business or marketing, or even watching a few videos.

Remember to promote yourself authentically and that your competitors don’t have to be your enemy!