How to Gain a Competitive Edge

Since the creation of the internet and social media, hundreds of thousands of businesses have emerged. Of course, you want your business to stand out head and shoulders above the rest. How do you achieve that goal? There are several ways to make your business stand apart from the competition.

Study the Competition

With hundreds of thousands of websites, companies, and blogs, competition today is fierce - especially on the internet. The internet and most especially social media are responsible for creating waves of interest. With that in mind, it is important to know and study that competition fast and furiously.

Rather than spend so much time trying to outsmart the competition, studying and making them your ally is a wise choice. Go on other blogs; check out their services and the quality of those services. They may have other products or services that you have not yet incorporated into your business model, for example:

* EBooks

* Videos

* Newsletters

* ECourses

Go on their Facebook fan pages and follow them on Twitter. See how many likes they receive, how long they have been around, and how they follow the trends. Check out the competitions marketing strategy. Take a look at what may or may not be working for them.

* See where and when and how many online or live seminars they host

* Listen to their public speaking engagement

* See how many books they have authored

* Sign up for a free online tutorial or marketing event

Take a good long look at where you have been static in your own company. Has your company become stale and outdated? Is there room for something new and innovative? .."

By becoming familiar with your competition, you gain several benefits.

* You spark your own ideas with a creative and innovative twist

* You can follow and keep up with trends

* You can see what works by following social media

* You can see what topics are trending by looking at how many likes or retweets that company receives

Evaluate Your Own Company

It is often very easy to compare your company to others. The tendency may be to think that they do something better than you. However, it is most important to start from within. Evaluating your own company is the place to begin.

Look at where you have been static – Take a good long look at where you have been static in your own company. Has your company become stale and outdated? Is there room for something new and innovative? Can you improve a product or service?

What can you reuse – Is there a sales letter that you can re-circulate or a product that you can enhance in order to gain new clients and customers?

What needs recreating? – Is there an area of your business such as reorganizing one of your departments? Perhaps management and assistant management need to put better communication policies and procedures into place.

Does your product or service live up to today’s standards? – Look and see if your product or service lives up today’s standards. Once you have evaluated this, take a look and see if your product or service is trending according to today’s standards.

Where do you stand with social media? – If your website does not incorporate social media, then it is time to include this all-important aspect into your business. Many times a customer will immediately leave a web page if he or she does not see social media buttons.

How can you reach more clients? – Investigate how you can reach more clients. Perhaps you need to set up a Facebook fan page if you do not already have one put in place. Check to see if you are responding to comments that visitors leave on your webpage if you have one. Engaging with clients is a sure-fire way to bring them closer to you rather than alienate them. Reach out to other businesses and blogs to create a sharing opportunity on each other’s web sites through guest blogging or blog rolls.

Today’s business is extremely fast paced and moves at a rapid speed through change. Keeping up with those changes is the only way to stay ahead of the competition. Taking a look at all these things in your own company is the foundation of a company that is capable of standing out from the competition.


Entrepreneurial Resources: These tools will help you evaluate yourself & your competition

Competitor Analysis
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Competitor Scorecard
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