Know Your Competitors

Want to get more clients? Research your competitors. Chances are there is someone or multiple people/companies who are offering what you offer. Check out their websites and social media profiles. See what they are doing well and what they can improve upon. Find out how they package and price their products/services and use this information to improve your business.

Consumers, whether they are individuals or business owners, have options, including us. We can choose from the many product/service providers in the market the one(s) we like the best. So, you need to be at least as good as, if not better or a bit different than your competitors. Note, the word “different;” this is called your competitive advantage. In other words what make you unique that would entice consumers to buy from/hire you?

Here are some ways you can stand out from your competitors:

1. PRODUCTS/SERVICES:
   1. 1. High/higher quality of products/services
      2. More variety of products/services
      3. Offer something others don’t
      4. More sizes of products/services
      5. Different packages
      6. Quick product/service delivery

    

2. COMMUNICATION:
   1. 1. Quick response time for communication
      2. Friendly service
      3. Show you care about your prospects (i.e. prospective/potential clients) by asking about them and listening to their needs and wants
      4. Have a positive attitude and express positive comments to your prospects

    

3. APPEARANCE:
   1. 1. How you look physically: Attire, hair, jewellery
      2. How your virtual background or real background for video calls looks
      3. How your marketing materials look
      4. Professional logo, carefully selected fonts and design
      5. How does your store/office/restaurant/studio/facility look? Is it clean and professional looking?

    

4. PROMOTION (Be more findable – There is some overlap between promotion, place and pricing)
   1. 1. Website and social media profiles
      2. Post regularly on social media and add blog posts to your website
      3. Good SEO – get found in the organic rankings
      4. Google reviews
      5. Social media reviews
      6. Book meetings to further the relationships and talk about potential collaborations
      7. Get featured on podcasts or have your own
      8. Exhibit at an event: https://gtapreneurs.com/exhibitor
      9. Paid ads
      10. Mailouts
      11. Nominate yourself and have others nominate you for awards
      12. Call prospects
      13. Ask your clients for referrals
      14. Make videos and post on YouTube, social media, your website and send in emails. Please do business with those they know, like and trust. Having videos available for people to see will help build this.

    

5. PLACE:
   1. 1. Attend business networking events to form relationships with prospects: https://gtapreneurs.com/networking-events-toronto/
      2. Join an Exclusive Referral Networking Group, such as https://gtapreneurs.com/business-networking-groups
      3. Be a Guest Speaker: https://gtapreneurs.com/guest-speaker/
      4. Attend or exhibit at tradeshows: https://gtapreneurs.com/bizx-2025-business-expo-and-conference-by-gtapreneurs
      5. Create a Google business profile: https://business.google.com/en-all/business-profile
      6. Knock on residential or commercial doors to speak to prospects
      7. Open more physical locations

    

6. PRICING STRATEGY: Try different pricing strategies
   1. 1. Free offer/trial (loss leader)
      2. Discounted price
      3. Higher price to signify higher quality
      4. BOGO free/discount,
      5. Coupons
      6. Loyalty program
      7. Payment plans
      8. Subscriptions
      9. Seasonal promotions
      10. Satisfaction guarantee

    

7. 7. HOURS OF OPERATION: Be available for more days of the week and/or more hours in the day to service prospects and clients. Ai technology can handle questions and provide resources even when you are sleeping.

8. AMENITIES/PERKS: Add perks to your offerings.
   1. 1. Example, if you are a co-working space, you could offer free tea, coffee, juice, pop and water. If others offer these items, you could also offer fresh croissants or muffins.
      2. With GTApreneurs Memberships, we offer a free Corporate Plus Club discount card which gives discounts on tourist attractions, restaurants, home improvement stores, computers, travel and more; plus the option to place a free full-page ad in our website directory, access our members-only learning centre and get discounts on our other services. These are great add-ons to the core of our memberships which are our business networking events: https://gtapreneurs.com/business-networking-memberships
      3. A massage therapy clinic could give a free branded hand towel on a client’s first visit and give a cold bottle of water on their way out the door after every treatment.

    

There are many other things you can do to stand out from your competitors, but, hopefully you’ve seen something above you can try. Also, remember keeping track of your competitors is not something that is just important during the start-up phase of your business. New competitors regularly enter the market and your current competitors may improve or change their offerings over time. So, check in at least once every 6 months.

If you want 1-1 help with your business, book a free video consultation with Tammy Defoe to learn about her business consulting and coaching services.