Competitor Analysis: When It Rains, It Doesn’t Have to Pour

April 8, 2024

black and white sketch of a business man and umbrella standing in pouring rain with other business people on the sides with their umbrellas

Every business must face stormy weather. When the proverbial skies darken, and raindrops smear against the window panes, you have a choice. You can curl up in a ball with comfy socks, hoping that the rain will go away on its own. Or you can pull out your galoshes and look for unique opportunities to dance in the rain. One rainy day tool that can help you make decisions about avoiding your business getting soaked, is the valuable resource of competitor analysis.

Valuable Insights

Much like seeking shelter on a rainy day, diving into the depths of competitor research can yield invaluable insights to fortify and propel your own enterprise forward. 

What’s the number one piece of advice for authors? Read other authors’ books. 

To come up with the best cookie recipe in the world, try other baker’s cookies! 

Olympic athletes often train together, grow from different training methods, gain feedback, refine techniques, and push each other competitively.

So it is with your business. Analyzing your competitors’ strengths can help you perfect your own skills.

Be honest and introspective during this process. Uncover your rivals' strengths, weaknesses, and strategies. By scrutinizing your competitors' websites, perusing their marketing materials, and dissecting their customer reviews, you can identify gaps and unearth untapped opportunities within the same market. You’ll find that there is room for your success.

What Can You Learn?

As the rain continues to pour, explore the online presence of your peers. Analyze the quality of their content. Is it consistent? Relatable? How does the audience interact with them? Delve into their marketing strategies–both online and offline. What can you learn from what is going well? Look at their pricing structures and positioning strategies–this might offer further insight as to where you stand. Join a group of entrepreneurs and bounce around ideas about target demographics and distribution channels. Your back-end processes might be an area to make crucial changes.

Work Together

As you weather the downpour, collaboration may emerge as a viable option. Attending industry events can establish your footing in your specific niche market. Be open to potential partnerships; team up for a convention or event. Your clients who meet with you on a sweaty yoga mat three times a week might be willing to attend a one-day event with you and your new friend, the dietician. Your combined audiences will support you. Just make sure you navigate this landscape with ethical integrity, eschewing illegal or unethical methods to obtain information. Instead, let the rain serve as a cleansing agent, fostering a culture of integrity and transparency. A JamboJon consultant can help do some of this competitive analysis for you!

While rainy days may seem dreary at first glance, they offer a silver lining of opportunity for your business. Instead of emerging from the metaphorical storm as a carbon copy of other entrepreneurs, you can refine and redefine WHO YOU ARE. A candid view of those around you can strengthen YOUR brand. Capitalize on trends in your market with your unique perspective. Don’t ignore them. Harness the power of competitor analysis to emerge stronger, wiser, and more resilient in the face of adversity.