Updated: Aug 7, 2021
If you go head-to-head with a competitor, you are only creating work for yourself. There are tools to help you understand your competitive market (that are free and easy to use). These will help you find that sweet spot and give you a competitive advantage.
Use a simple SWOT analysis to see where you belong
When researching your competitors (and don't forget your own company in this analysis), start describing their strengths and weaknesses. You can then FLIP this and overlay your company's own position. For example, a weakness in a competitor is an opportunity for you. A strength in a competitor could be a threat to you. This "cubic" analysis of the competitive market is essential in understanding where YOU fit within your industry and in the field of competitive choices.
It’s REALLY important here to research what other companies and competitors are doing in this space. Just generally – get an idea so you aren’t wasting any time trying to be leaders on this subject when a competitor is light years ahead.
If you find that a competitor is owning this space, you could try to reposition your companies take on this – more innovative, lower price, deeper detail on one particular aspect or angle.
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