What’s the most important part of your business strategy you least want to do?
Outsmart your competitors: scan your market and find your differentiator.
We live in a COVID-changed world where virtual businesses are the only ones that will thrive. Many businesses have gone out of business in 2020. 20-plenty is a myth for many. The impact of lockdown has been fast and furious. But it doesn’t have to be that way for your business, whether you are pivoting your existing business or starting a new one.
The one thing you need to know in this new post-COVID online-dependent world is who your competitors are. That, you may rightly say, is nothing new. And it’s not. Market research is core to any successful business plan. But it’s surprising how few start-ups have done the necessary leg-work to see who else is out there playing in their territory.
So who are your competitors? Time and time again, we find people simply don’t know the answer to that question. But how can you launch a business without knowing whether someone else is out there doing the same – and maybe doing it quicker, better and cheaper? You shouldn’t and can’t: it’s business suicide and it doesn’t make business sense. And yet many of us do it, convinced our networks will provide us enough business to survive and thrive.
So if this is often the last thing that business owners and entrepreneurs do, why is this? Simple: it’s a slog – it takes effort and time. And more than that, it’s not a one-off thing: you have to keep at it, regularly updating your competitor scan to see who has come into the game, so you can adapt to keep ahead and make sure your niche is still just that – YOUR niche.
What can The Revenue Unlocker do to help you build your business?
A good business plan needs a solid competitor analysis. We can help you spot the gaps or new ways of doing things by scanning the sector you work in, whether that be online course creation (our speciality) or software-based learning of any kind.
Our TruScan service can get you intel on your top five competitors within a week. We can uncover information on their markets, their prices, their products and services – even, if we’re lucky, their plans and business models (you’d be surprised what you can find on the internet if you know where to look). All of this means you can get on with refining your products and services while identifying your target markets – although we can help you with that too.
The end result will be information that will allow you to carve out a niche that can be truly yours. And with smart marketing and compelling customer service (we can help with that too), you’ll be away.
So how can you get a TruScan for your business?
We’ re on the internet like you are: www.therevenueunlocker.com. Take a look around. Better still, send us an email at [email protected] and we can discuss your needs in our 30-minute free assessment call. You can apply for that direct by clicking here.
The bottom line?
This new economy will open doors for strong companies. We never want to see a business fail, but the sad truth is, some of your competitors will go out of business. Be ready for this new world of opportunity, scope out your audiences, hone your product, know who you’re up against, secure your niche and unlock that revenue.
At The Revenue Unlocker, we understand research data and in today’s increasingly niched, personalised and competitive digital marketplace, you really need to know who you are up against.
Connect with us to – Find where the fish are – and aren’t