Everybody has competitors. Whether they are direct competitors that you run into at every turn or more indirectly competitive companies that are adjacent to your market as you define it, there are other companies that your customers could turn to in order to solve the problem that you solve.
That is why it is crucial for your team to talk openly about your competitors and develop a good understanding of your competitive landscape: it tells you a lot about your customers.
These are the key things you will learn by continuously discussing your competitors:
- What has worked for other companies? In solving the problem you solve, what products, services, and features have customers liked? Not liked?
- What do recent product / feature releases tell you about where their company is going? About what they are prioritizing? What they see as the market opportunity?
- From your customer's perspective, how does your company differ from your competitors? Price? Quality? Service? Features? Technology? How does your company approach the problem differently? How is your vision different?
Aligning on your company's place in the competitive landscape significantly increases common understanding of your customers and what the world looks like to them. This then makes it much easier to articulate your vision in terms practical, tactical terms that your team can deploy into day-to-day decisions to beat your competition.
Check out our free template to start sharing competitor profiles and help your team better understand your market and customers today: Competitor Profile Template.