7 Questions to Answer When Checking out Competitors
Last week at the “Pursue Your Passion: Women Entrepreneurship Panel” at Chapman University, one of the participants said, “Don’t think you don’t have competitors. You do.”
As soon as she said this I thought, “Don’t be like Violet Beauregarde!”
Violet Beaureagarde was the gum-chewing champion who didn’t listen to Willy Wonka and chewed his experimental gum and turned into a giant blueberry.
Because Violet held the world record for longest time spent chewing a piece of gum, she believed she was the best person to try Wonka’s gum, even though he tried to stop her.
Violet ended up inflating so much that she became a giant blueberry and had to go to the juicing room to get squeezed.
What can we learn from Violet Beauregarde?
Don’t become so inflated that you forget to pay attention to your competitors.
Companies get so wrapped up in their own products and services that they forget that they have viable competition.
“I don’t have competitors. My product is so awesome and revolutionary that no one can compete with me!”
Take a lesson from Violet and avoid that inflated ego. Take time to look at what your competitors are doing.
- How do they engage on social media? Do they only post about what they’re doing, or do they engage fans, inform and entertain them?
- How do they describe their products?
- What aren’t they doing? Where can you find opportunity to shine?
- What are other people saying about your competitors?
- If customers are complaining about competitors’ products, how can you inform them of the benefits of your products?
- What are your competitors doing well?
- How can you continue to differentiate yourself from your competitors based on what you’ve learned from answering the above questions?
Paying attention to your competitors (remember, you DO have them) can give you clues about ways to improve your marketing strategy, product offerings, social media content, and fan engagement. Staying informed of your competitors will help you gain a competitive advantage. Your competitors may be suffering from Violet Beauregard syndrome, or they could be savvy and informed like Willy Wonka and be planning awesome projects to win over some of your fans and customers. Find your “Golden Ticket” idea(s) and keep customers and new fans coming back for more.
Lori Johnson (@BPLoriJ) is Branding Personality’s Customer Experience Manager. She tries to eat blueberries every day because of their amazing health benefits.