Today, we chat about competitors: Why and How you should look at your competitors.
Of course, it’s not a matter of copying what others are doing. But, very similarly to my finding a mentor’s advice, you should be looking how other businesses approach their customers. What are they saying? How are they saying it? Are they setting new trends you should be following? Are they holding fairs or events you could be attending?
In this world there’s space for everyone. As many people say, just take a look at the bread aisle next time you go shopping. There are so many different types of bread, so many different brands making similar products. People like to choose and the market is clearly big enough for you too.
Looking at your competitors is also a big help for networking. Small businesses especially tend to help each other quite a lot, as they can all benefit from a little shout out. You can set trends together, do collaboration, and brainstorm. Many vegan events started out with just a bunch of people wanting to share their own products with the world.
Being in the loop of what’s going on with similar business can also give you a great insight into the market. If you think someone’s customer targets are the same as your own, take a look at what they’re saying. How are people reacting to what other companies are proposing? Is there something you can improve based on their feedback?
What makes a business really unique is the person and the team behind it. It’s the ideas, the passion, the effort. Very few ideas are truly ground breaking, many of us just want to bring a change in an industry that’s already well-established.
Last year, LELE’S won Best Vegan Full English in London, and I’m not even English! There are so many English people that do a really good vegan full breakfast, and still we won! Imagine if I had decided not to include it on the menu just because it’s such a popular dish. Instead, I made my version of the Full English, focusing on what I liked about it.
So, don’t be afraid to look around just because people may think you’re copying them. Of course, don’t copy them! But if you’re genuinely just looking for inspiration and networking, go on!
Hope this little blog post will come handy!
Lots of love,
Vxx