Written by Jamie Irvine | 3-minute read
We all have more competition then we would like.
What role can our competition play in our businesses long-term success?
It sounds like a funny question but let me tell you about a real strategy that can transform your business, I call it “Examining the Competition.”
Your competition is a valuable source of information that can guide you to build a great business. Think about it, your competition has “set the bar” so to speak, on everything from lead generation to customer fulfillment and satisfaction.
When you take the time to talk to your ideal customer you can ask them about their experience with competitors and this is where literally a gold mine of information can be found.
Take Brian Scudamore, CEO of 1-800-GOT-JUNK as an example. In 1989, he started a junk removal business with $700.00 and today his four companies are doing a combined $300 Million in annual sales.
Brian attributes much of his success to talking to ideal customers about what irritated them about the junk removal business. He then built a junk removal business that did the opposite of what people found irritating.
After systemizing that business and scaling it across Canada, USA, and Australia, Brian repeated the process, first with a painting business, then a moving business, and most recently with an exterior building cleaning business.
The point is that talking to ideal customers about what they like and don’t like about doing business with your competitors will give you a roadmap to long-term business success.
It’s such a simple strategy.
“Ask your customers what they want and give it to them.”
Because it is so simple people underestimate the value of doing it consistently. Don’t make that mistake, take time to go talk to your ideal customers. Get to know them and learn as much as you can about what your competition is doing.
One way to organize the information you get is to create a Customer Buying Experience Map that shows each step the customer goes through from finding your business to becoming a repeat customer and referring you to friends and family.
Then put the information you get by talking to your ideal customers and analyzing what your competition is doing in the appropriate places. Next, ask yourself, “what does my ideal customer want at this point in the buying experience?” Once you think you know, verify your assumptions and do what you can to exceed what customers want.
Think about what that would do for your business?
Would you like some help creating a Customer Buying Experience Map?