Entrepreneurs' Blog

05 Oct, 2011

Understand your competition and then out-flank it! – Simon Middleton

Posted by: Bev James In: Branding|Business Mentoring|Business Tips|Mentor Articles|Mentoring|Millionaire Mentors|Tips For Success

Understand your competition and then out-flank it! by Simon Middleton

“Creating a winning brand is at least in part dependent on understanding your competition and then out-flanking it,” says Simon Middleton, EBA Millionaire Mentor and Brand Strategy Guru. “Not by spending more money, but by being more distinctive, more compelling and more emotionally engaging. And you don’t need to hire an agency to analyse your market place.”

To help you define who your competitors are you can place them into two broad types:

  • The first type – Businesses that are quite like yours in terms of their products and services. In other words, competing in what they do.
  • The second type – Businesses that offer different products and services to yours but which are aimed at similar people, either because of location, or niche interest. In other words, competing in who they sell to.

Pause for thought: you’d think there are enough coffee shops in the world wouldn’t you? Yet coffee shops continue to open on every high street on a regular basis. Those that survive and thrive are those which have created a distinctive brand experience.

Don’t be frightened by competition, but do get the measure of it and differentiate your business.

In a crowded marketplace, it’s your responsibility to stand out from the crowd.

Simon Middleton is an EBA Millionaire Mentor and author of Build a Brand in 30 days.

2 Responses to "Understand your competition and then out-flank it! – Simon Middleton"

1 | Entrepreneurs are a rare breed | Entrepreneurs' Business Academy Blog

January 17th, 2012 at 12:50

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[...] successful long term is to focus on the long term, and that means giving some thought to the future strategy, direction, plans and objectives for your business overall as well as for the detailed tactic you [...]

2 | The Show Must Go On | Entrepreneurs' Business Academy Blog

January 25th, 2012 at 09:45

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[...] important thing is not to put your head in the sand – and to either work out a strategy to maximise the potential that the increased footfall might bring, or work out a plan to minimise any potential negative [...]

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  • Morgan Grage: I like this post, enjoyed this one regards for putting up. "No man is wise enough by himself." by Titus Maccius Plautus.
  • Derek: Brilliant article Bev, thanks for sharing. coincidentally the kilimamjaro example used is on my 2014 to do list! Ps thanks for the tips you gave me
  • jackson: thanks for your great article about developing your business idea to great business Jackson mutebi

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The Entrepreneurs' Business Academy is a unique and highly practical one stop resource for business owners and aspiring entrepreneurs, providing a range of courses , EVENTS and materials that give step-by-step guidance for entrepreneurs on their business journey. The EBA's courses have been put together by James Caan and Bev James MD of EBA and The Coaching Academy, and specifically designed to teach its participants the skills required to take an idea and turn it into a reality. Read more...

 

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