189: Understanding Your Competition Whether You Are Starting A Business Or Side Hustle, A Solopreneur, Entrepreneur, Mompreneur, Freelancer, Bookkeeper, Virtual Assistant, Business Owner
189: Understanding Your Competition Whether You Are Starting A Business Or Side Hustle, A Solopreneur, Entrepreneur, Mompreneur, Freelancer, Bookkeeper, Virtual Assistant, Business Owner, Or Self-Employed
Learning about your competition will help you gain sales by making sure your product goes above and beyond what your competition has to offer. Competition isn’t bad; in fact, understanding precisely who your competition is will help you determine if your business is on the right path to success. In today’s podcast episode, we will cover who your competitors are, why you should stay on top of what your competitors are doing, and how you can create your product or service so much more valuable to your customers than your competition offers. When you monitor your competition, you can easily find gaps in the market, new products or services you can offer, and ways you can increase your customer service so that your product or service is not just another comparable in the market. You will be able to offer a product or service that aligns with the needs of your clients or customers, and they will ultimately select your business over any other. Understanding your competition is key whether you are a self-employed individual, a solopreneur, entrepreneur, mompreneur, freelancer, small business owner, a remote, virtual, online, or in-house bookkeeper, or a virtual assistant or VA. You need to know what your competition is doing so that you can minimize your risk as well as outshine your competition. These tips are essential whether you are using a computerized software system like QuickBooks, Xero, Wave, or FreshBooks for your business finances; or doing your bookkeeping manually with an Excel spreadsheet or even a Google Document…
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Show Notes:
Learning about your competition will help you gain sales by making sure your product goes above and beyond what your competition has to offer. Competition isn’t bad; in fact, understanding precisely who your competition is will help you determine if your business is on the right path to success. In today’s podcast episode, we will cover who your competitors are, why you should stay on top of what your competitors are doing, and how you can create your product or service so much more valuable to your customers than your competition offers. When you monitor your competition, you can easily find gaps in the market, new products or services you can offer, and ways you can increase your customer service so that your product or service is not just another comparable in the market. You will be able to offer a product or service that aligns with the needs of your clients or customers, and they will ultimately select your business over any other. Understanding your competition is key whether you are a self-employed individual, a solopreneur, entrepreneur, mompreneur, freelancer, small business owner, a remote, virtual, online, or in-house bookkeeper, or a virtual assistant or VA. You need to know what your competition is doing so that you can minimize your risk as well as outshine your competition. These tips are essential whether you are using a computerized software system like QuickBooks, Xero, Wave, or FreshBooks for your business finances; or doing your bookkeeping manually with an Excel spreadsheet or even a Google Document…
Welcome Back…Identifying your competition and staying on top of what your competitors are doing is essential so that you can create strategies to maintain your current customers as well as gain additional new customers.
I want to start by saying that competition isn’t bad. If you are just getting started with your business and you start looking into your competition, you want to see that there are already businesses that are in your field. If there was no activity, this might mean that the market isn’t ready for your product, or there is just no desire for it. If the demand is low, you could be taking a significant risk by tapping the market. On the other hand, if you find there is a lot of competition, this may be a perfect time to look for ways to find gaps to fill in the market or create a new way to meet the needs of unhappy customers.
You may find that you have direct and indirect competition in your market. Direct competition would be whenever you have a business that offers the same services or products that your business offers. Indirect competition is when you and another business compete for the same customer’s needs but in different ways. This may show up, for example, if you have a restaurant but there is a nearby grocery store that sells prepared food as well. You are not both restaurants, but you do market to people who are looking for a meal. You may also find competition when you are a business competing for a customer’s money in a market where others are competing for the same customer in a completely different market. Don’t think you only need to keep an eye on your direct competition. By closely monitoring what other businesses are doing, this can help you build your strategy and continue to grow your customer base.
There are many different opportunities in which you can identify your competition. One of the easiest ways to do this would be to do a simple search online. When you do this, you can quickly see the search results and who your top competitors are as well as any paid ads that businesses are running. You can search local business directories, associations, and your local chamber of commerce, and you can even attend trade shows to see what your competition is doing as well as how they are marketing. You can set up Google alerts for your market as well as any related topics so that you can stay informed of any new updates. Don’t forget about talking to your current customers and asking them why they have selected you over any other competitors. These customers chose you and your business for a reason, so make sure you are doubling down on what is working in your business already.
Once you know who your competition is, you want to find out more about who they are, their values, what they are doing, and what types of customers they are attracting or who they are targeting. You’ll want to learn about their products or services, prices, discounts, if they have any loyalty programs, how they deliver their product or services, if they have a sales funnel, and how they advertise to their potential customers. You can also read your competition’s reviews to see if there are additional needs or wants they would like to have fulfilled. One example of this research would be if you see that your competition is offering free shipping to their customers; you may find that you need to do the same so that you don’t lose a customer just because the customer doesn’t want to pay for shipping.
Look into how your competition is delivering content to their audience. Which social media platforms are they using, how often do they post, and how many followers do they have? Do they have an email list? How often do they connect with their current or potential customers? Is there a way that you can connect with customers and add value for them that your competition isn’t doing?
Once you have gathered all this information about who your competition is and how they engage with their customers, it is time for you to use this information for potential opportunities for your business. This is the time to really make your product or service outshine your competition. You want to find gaps or needs in the market that you can fill or new and unique products or services that the customers want. Think about how you can offer your products or services in a better way to give more value to your customers. Find your weaknesses and turn them into strengths so that you have a competitive advantage and you know exactly what your unique value proposition is. Know what your risks are and where you can carve a portion of the market out for your business. This is how you will create your strategic plan. A plan where your customers will easily see the value you have created for them in your business, and they won’t see a need to compare your product or services to any other business before making a decision. They will know that your solution is so valuable to them that it isn’t even comparable to other businesses.
Make sure that you continue to monitor your competition on a continuous basis. Don’t think you only need to do this work when you are just starting out with your business. You want to ensure that your business and your products and services continue to evolve and meet the demands your customers are seeking. You may find that your competition has started to pivot or has added additional marketing streams. You want to make sure you stay up to date with any industry trends. As time goes on, your business may need to pivot as well to remain relevant to your customers. It is extremely important to keep an eye on the needs and wants of your ever-changing customers, and you want to be the one to supply them with cutting-edge and most sought-after products and services. If you need help focusing on your customers and identifying your competition so that you can increase your sales, I’m here to help. As a Certified Public Accountant, Business Strategist, and Business Coach, I help business owners like you reach your next level of success and grow your business. I work with business owners who need help seeing the potential in their business, deciding which tasks they need to do next, and ensuring they are taking action to achieve the possibilities in their business. They have a clear path to accomplish their goals and increase profits. Their achievement rate is much higher because I am there to hold them accountable.
Imagine having a system in place where you spend less time buried in paperwork and more time doing what you love. That’s where I help my clients. They are able to have proper processes in place, understand why they are following through with these processes, and they have more peace of mind when it comes to their business. Striking a balance between the demands of running a business and maintaining a fulfilling personal life is an art; it’s about creating an environment where you can thrive and support your lifestyle. By being proactive and setting up efficient processes, you can ensure a smoother, more enjoyable year-end, and you’ll be prepared to file any necessary filings with the IRS. By working with me, you’ll change more than just your bookkeeping processes. Like many of the clients I’ve worked with, you’ll go from not knowing how to get through all the stressful situations or being unprepared to being totally in control of exactly what you are choosing to get done at the time you want to have it accomplished by, all while knowing you are doing enough and you’re able to enjoy your business and your personal life. I help clients just like you with strategy, mentorship, and coaching. When you work with me, you’ll show up much more differently than you do today, and, after all, this is what you ultimately want in your life, right? You can be stress-free in both your professional and personal life. Come join me. When I work with clients throughout the year, they are able to reduce their stress and overwhelm, understand how to master their small business finances, develop solutions to grow their bottom line, and create a work-life balance they truly enjoy. I encourage you to take the next step by signing up for a free consultation where I’m going to teach you the first step in my process so that you can eliminate stress, overwhelm, or overworking in your professional or personal life while you continue to get done what matters so that you can live your life with joy, purpose and a more fulfilled life. Feel free to reach out to me with any questions you have; I’d love to help you on this journey. You can schedule your free consultation or sign up for a coaching session today at www.FinancialAdventure.com. As a Certified Public Accountant and Certified Life Coach, I can help you set goals and develop a plan that will allow you to lead a happier and more sustainable life in your business, career, or your personal life. I’m here to guide you through the financial aspects of your business as well as help you focus on the strategies you need to follow to reach the success you want to achieve in your professional or personal life and stay committed so that you can continue to keep pushing forward and relieve the stress, anxiety, or overwhelm you are currently feeling. Having an accountant and certified life coach like me can provide you with valuable insights and ideas to help you simplify your life, which enables you to go back to enjoying your professional and personal life. I work with business owners, accountants, and other financial professionals to create the actionable steps they need to take to ultimately achieve their goals while getting relief from the stress and overwhelm they feel from the pressure of owning a business, deadlines, and the workload they face every day. If you are struggling with this as well and would like some help developing a solution, help strengthen and maintain your emotional health, increase your well-being, create a more positive, happy, and joyful life, set and achieve your goals, and manage your relationships, I’d love for you to join me in my Balance Life Coaching program so that you can live a more purposeful life. Each week, we meet privately one-on-one, and you get to bring whatever is on your mind on any given week. I also have a daily coaching program where you can talk to me whenever it works best for you, 24/7, any day of the week. In either program, you get to work on your highest priority, whatever you want more of in your life, or if there is something that is weighing on you heavily that you need coaching on, and we’ll work through it together. Having a certified life coach like me helping you through all of this allows you to feel so seen and cared for, and the results are amazing. Everyone benefits when they work with a certified life coach. After every session, you feel energized, and you know exactly what to do for the day or week to come, and relief knowing we will meet again to go over anything that comes up after your session. You’ll gain self-awareness while you take each step toward your goals. The investment in either of these programs is an easy yes for you. I’ve set these programs up in the most supportive way. If you are ready to join the Balance Life Coaching program, you can go to www.FinancialAdventure.com and click on the work with me button. You’ll see the link to join as well as additional information about the programs. Sign up now. There are limited spots available for these programs due to the one-on-one aspect, and they do sell out. If the payment link is gone, you can get on my waitlist to join the programs when additional spots are available. I help people get results and live a more joyful life. I coach everybody on everything. I know there is something you want in your life, and I can help you get it. I know this is something you’ve been waiting for. I’ve been asked by many of my listeners to create these exact programs. The faster you get access to the program, the quicker you’ll see the possibilities available to you. I also have a risk-free guarantee. I believe so strongly that everyone benefits from coaching that when you sign up for the Balance Life Coaching program today, if for any reason you are not satisfied with your first session, you can send us an email, and we’ll refund you immediately. Are you ready to enjoy your life now? Why would you want to wait? Make this investment for yourself. Take the journey with me…make it happen for yourself. Ask yourself why you need this program in your life right now. Are you ready to make bigger, bolder, stronger life goals? I’m looking forward to meeting with you soon and digging deeper to see where you currently are in your business or career and start creating actionable steps so that you can reach your vision and goals for the future, not only in your business or career but also in your personal life. I’m ready to work with you, see all of your successes, and watch you thrive in your business or career while creating your best work-life balance. I’ll post links to this and other valuable resources for business owners and accountants where you are listening to this podcast.
And, you know I’m going to ask…what’s at least one thing you will take away from this episode that will help your business succeed and grow your bottom line? If you need some accountability, join our PRIVATE Facebook community and post your action item, we’d love to support you.
