Hey guys it’s your girl Adrian M White aka Brand with AMW and I’m here today for another weekly Brand & Convert Chat & Chew. This is your opportunity to take a quick snack or lunch break and learn about how to better brand and market your business.
Every Tuesday I’ll be posting a new video related to branding and web design with a marketing spin. Feel free to comment below with questions and if you are a female entrepreneur join us for more conversation in our Brand & Convert Facebook community. Link in the description box.
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Alright, so let’s get into today’s topic, Do your Research, Competitive that Is.
Over the past 7 years, I have worked with hundreds of entrepreneurs and one of the common themes I’ve noticed is that they are not getting the results they desire from their marketing efforts. As I get to know them and their business better I often realize the reason why is because they are promoting their business and trying to sell services but they did not do their research beforehand.
Before you are launching your social media pages, website, products, or services you need to do your competitive research.
Competitive research and analysis are a critical part of your company’s marketing plan. With this evaluation, you can establish what makes your product or service unique and therefore what attributes you play up in order to attract your target market.
Here are some steps on how to begin this research:
1. Identify 5 or more competitors that are business size is similar to yours and offers services similar to yours
a. If you are a solopreneur look for other solopreneurs
2. Note their website, location, products, services, and pricing
3. Analyze what you like and dislike about those attributes
a. You can also include their social media pages if you like the look and feel of them as well
4. Conduct a SWOT Analysis of your business
5. Figure out what makes you different from these competitors to position your brand
In 2018, when I was preparing to go full-time with my business I made a spreadsheet of 20-30 competitors and reached out to every one of them. I posed as a prospective client, created a new name and email address, removed the voicemail on my phone, and created a fake scenario on why I needed their services. I wanted to know how their sales calls went and what their packages and prices were from the horse’s mouth.
After I updated my spreadsheet with this information and created my services to match or exceed theirs and began offering my packages around the median price of my competitors. It worked like a charm and I was able to book a new client paying my new prices which were quadruple what I was paying prior to the first day of going full-time. If you do the research, it’s hard for your business not to do well.
If you need help with getting started on your competitive research download my Brand Narrative Workbook which has a whole exercise on competitive positioning. Link in the description.
That’s it for today. Comment below with any questions and don’t forget to follow me on Facebook, Twitter and Instagram at Brandwithamw for more entrepreneur advice and a look into my everyday life.
Wishing you much success and good juju.