Your Path To Business Success: #5 Research Competition

One of the best ways to drive incremental revenue for your business is to study the marketplace and identify ways to generate additional value for customers. All companies share the goal of generating profit while serving customer needs. The better you understand how others in your industry are solving problems, the better positioned you will be to communicate how your company is different and why someone should choose to seek products or services from you instead of other options in the marketplace.

Define Your Competition:

The first thing you should do is define your main competitors. Start by identifying 3 to 4 companies that provide similar products or services as your company. The US Chamber of Commerce recommends that small business owners take a customer perspective when conducting competitive research. This will help you see why a customer would choose to purchase from your competition.

Your research should include local and national companies. Start with a Google search focused on your #1 product or service. Explore the digital footprint of the top-ranking companies in your search results. PWC research has found that 55% of consumers rely on search to pre-screen which companies they should purchase products and services from. Examining your competitors' websites and social media can help you to determine how to position your offering for success.

When defining competition, ask yourself:

• Who else in the marketplace is offering similar products and services?

• What alternatives do customers have for solving the problem that my company solves?

• What unmet needs exist that my company could serve?

Example: If you do a Google search for executive coaches, Korn Ferry and BetterUp are at the top of your search. Both are huge organizations with big marketing departments paid to study the marketplace and convert prospects into clients. Their websites can be an example of what you should do to market your business. Both have bold images, clear messaging, and direct paths consumers can follow to learn more about their company.

Pro Tip: Once you have identified your competitors, ask your favorite AI tool to review their websites for strengths and weaknesses and provide a summary.

What AI Tool do you use for research?

• CoPilot
• Gemini
• ChatGPT
• Claude

See All Options

Customer Experience Exploration:

Now that you have defined 3 to 4 companies, you can review and explore their websites like a customer.

• What things do you like about how they talk about their company, products, and services?

• What images resonate with you?

• How do they nudge prospects from consideration to close?

The goal of this research is to understand your competitors' customer journeys. In doing so, you can capture ideas for improving your own. For tips on documenting a customer journey, check out this resource from User Interviews.

If your competition has a mailing list, sign up for it so you can understand the frequency, messaging, and calls to action it uses to attract and retain customers. Marketing is a multi-level process. You start by building awareness and then creating interest, which leads to consideration, with the ultimate goal of a customer making a purchase. Email campaigns provide visibility to companies' methods of walking prospects through the sales process.

You should also follow the company on social media. Examine how frequently the company posts, what it talks about, and how people engage online. By following your competitors, you will gain valuable insight into their reputation, customer perspective, messaging, and positioning. The more you understand how your competition communicates its offerings, the easier it will be to identify potential weaknesses.

Example: When Nintendo developed the Wii console, it intended to create an easy-to-play system that the entire family could enjoy. It studied the market and learned that many children and older adults did not purchase their competitors' consoles because they were too complex. By understanding their competitors' strengths and weaknesses, Nintendo could exploit this weakness and tap into a new market.

Pro Tip: Ask your favorite AI tool to review Google, Yelp, and other customer review resources and provide feedback on what customers say about the company.

Know Their Strengths.

Defining the strengths of your competition can help you determine your strategic objectives. Start by writing down the strengths you observe while reviewing their digital footprint.  Paying attention to what people like about your competitors. Prior customers may say things like

• "The service is affordable."

• "the customer service is responsive."

• "the company is dependable."

These are all attributes your customers are looking for. Your goal is to identify which attributes you can match or exceed. One of the best ways to acquire customers from a competitor is to communicate how you can do what they do, but better.

Knowing and communicating your strengths is vital to attracting new customers. People want value, which can come from a lower price, better quality, more convenience, an easier buying process, or customer service. Defining and communicating your strengths makes it easier for customers to determine when they are better off purchasing your products and services.

Identifying attributes that customers value but are your brand's weaknesses is equally essential. These weaknesses could come up during the sales process. Despite the weakness, be prepared to explain why a customer should purchase from you. If your offering has too many weaknesses, it might be time to build new competencies or exit the marketplace.

Example: Over the last decade, many American car manufacturers have shifted their focus from sedans to trucks and SUVs. This shift was partly driven by Asian car manufacturers, who began making equally, if not better, cars that were perceived to be a better value. American manufacturers determined their competitive advantage was in building larger vehicles, so they shifted their focus to a market they believed they could win.

Pro Tip: Identify your competitors' strengths and rank them against yours. Identify things you believe you can do better than your competition, and focus on those aspects with your marketing and outreach.

Discover Points of Dissatisfaction:

When customers take the time to write a negative review, they tell the market that they will spend their money with someone else. Your role is to listen to those customers and communicate how you can better serve them than others in the marketplace. Look for comments such as

• "they did not honor their commitment."

• "seemed expensive based on what I received."

• "I found the company to be unresponsive."

Complaints are signs from customers to companies that their needs are unmet. As you identify unmet needs, you should break them into two groups.

• Needs we can meet now

• Capabilities we should build for the future

When you have products or services that are better than your competition, your primary focus needs to be raising awareness. There are many ways to raise awareness, but all methods are linked to communication, marketing, and promotion.

When you see a need that is not being met but cannot be solved, you must consider whether you want to allocate time, money, and resources to expand your capabilities. Broadening your capabilities can be done through research and development, acquisition, or strategic partnerships.

Each method for expanding capabilities carries risk, and many companies disrupt their financial viability by chasing opportunities outside their wheelhouse. Consider the risks and the benefits of strategic pivots to your business model. Remember, not all opportunities are worth pursuing. But if you see a glaring weakness that no one else solves, you could capture market share by satisfying an unmet need.

Example: Illy, a premium coffee brand, identified that consumers had a growing desire to purchase coffee from ethically sourced companies. Seeing this demand and a lack of focus from other coffee manufacturers on ethical sourcing, they decided to build environmental and social responsibility into their strategic plan. They put processes and procedures in place to ensure the beans they purchased were ethically sourced. Communicating this commitment to customers has led to consistent year-over-year sales and profit growth for the company.

Pro tip: Create a someday maybe file where you keep ideas for new products and services. As your business evolves, you can review this file for ideas to implement when the timing is right.

Summary

Conducting market research is a great way to develop ideas for improving your revenue and refining your value proposition. Driving revenue growth is a two-step process.

• Step one is to identify the unique problem your company can solve for customers.

• Step two is to communicate your solution to prospects effectively.

Competitive research can raise your awareness of marketplace opportunities and give you ideas for improving your positioning, messaging, and customer journey.  

Thank you for reading the latest installment of this 15-week blog series about Your Path to Business Success in 2025. If this is your first time reading, we encourage you to go back and read the first four articles. Next week's article will be on refining and optimizing your offerings.

If you have any questions about this topic, feel free to email me at dcuion@yourpathexecutivesolutions.com.

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Your Path to Business Success: #4 Using Data to Improve Business Strategy

The new year is the perfect time to pause, reflect on the previous year, and adjust your strategy and tactics to drive better results in the new year. But where do you start? Your gut can only take you so far. If you want to make sound business decisions, the best place to start is with data.

Data is foundational in helping you recognize opportunities to attract new customers, serve current customers better, cut costs in your business, and ultimately earn more money. The order of operation to remember is that data helps you form insights, which help inform your strategy. Your strategy separates you from the rest of the pack and allows you to build loyalty, profitability, and sustainability. 

Improve Profits by Using Data

This article will guide you through gathering and analyzing data to unlock your business's full potential.

1. Improve Business Strategy By Using Customer Feedback:

Your customers can help you to improve your product and services if you take the time to analyze their behaviors and ask them for feedback. Here are some ways you can start:

• Customer Surveys: Use surveys to gather insights on customer satisfaction, product preferences, and areas for improvement. Tools like SurveyMonkey or Google Forms make creating and distributing surveys easy.

• Online Reviews: Regularly monitor online reviews on platforms like Google My Business, Yelp, and industry-specific sites. Pay close attention to positive and negative feedback and identify recurring themes.

• Social Media Monitoring: Monitor social media conversations about your brand. What are people saying? What are their concerns? Use social listening tools to track mentions and engage with your audience.

Pro tip: Ask your favorite AI tool to review your online reviews and provide you with insights on what your customers like and dislike about your business.

Where do you get customer feedback?

• Google Reviews
• Yelp Reviews
• Facebook Reviews
• Customer Surveys

See All Options

You can vote for more than one answer.

2. Dive Deep into Your Sales Data:

Your sales data can provide insights into what is and is not working. With these insights, you can adjust your strategy and better meet the needs and expectations of your customers. Here's what to look for:

• Top Performers: Identify your best-selling products or services. What makes them so successful? Can you replicate those factors in other areas of your business?

• Underperforming Categories: Pinpoint products or services that aren't meeting expectations. Analyze the reasons behind their performance. Is it pricing, marketing, or something else?

• Seasonal Trends: Are there peaks and valleys in your sales data? Understand how different times of the year impact your business and adjust your inventory, marketing campaigns, and staffing accordingly.

Pro tip: Compare the price and value of your offering to the competition and identify improvement opportunities.

3. Assess Operational Efficiency:

Efficiency is key to profitability. Taking the time to evaluate your return on labor, profit margin, and return on assets can help you identify undiscovered opportunities for improvement. Here's how to analyze your operations:

• Cost of Goods Sold (COGS) Analysis: Break down the costs of each product or service. Can you negotiate better prices with suppliers? Are there ways to eliminate costs to harvest more profit or provide a lower price to customers?

• Time and Money Allocation: Track how you spend your time, payroll dollars, and company resources. Are there tasks you can automate or outsource? Are you investing in the right tools and technologies?

• Identify Inefficiencies: Look for bottlenecks or areas where processes are slow or cumbersome. Can you streamline workflows or implement technology to improve speed and customer satisfaction?

Pro tip: Explore how your team can use AI to save time taking notes, summarizing emails, or crafting communications.

Summary:

By consistently gathering and analyzing data, you can understand your business performance and make data-driven decisions that fuel growth. Remember to:

• Collect customer feedback through surveys, online reviews, and social media monitoring.

• Analyze your sales data to identify top performers, underperforming categories, and seasonal trends.

• Assess operational efficiency by analyzing COGS, time and money allocation, and identifying areas for improvement.

By doing this, you can identify insights that can inform your business strategy, allowing you to craft tactical shifts that have the potential to unlock more profitability.

In the next article, we'll explore the importance of market research in understanding your industry and competitive landscape. Stay tuned!

References:

How Marketing Automation Can Boost Your B2B Lead Generation - RAY B2B. https://www.rayb2b.com/tools-and-technology/how-marketing-automation-can-boost-your-b2b-lead-generation/

Measuring the Success of Online Product Sampling Campaigns | Mister Duda. https://misterduda.com/25934-measuring-the-success-of-online-product-sampling-campaigns-11/

Your Path To Business Success: #3 Improve Revenue by Setting Customer Goals

The battle for customers is fiercer than ever. Technology and access to capital have made it easier for people to open new businesses and serve customers worldwide. To thrive in 2025, you must differentiate yourself by providing exceptional customer experiences that cause people to return for more and tell others about you. This article guides you through setting practical customer goals for the year ahead, ensuring you cut through the noise and focus on the metrics essential to your business success.

Improve Revenue Using Customer Goals

Link Customer Goals to Financial Goals

It's crucial to align your customer-focused goals with your overall financial objectives. Here's how:

• Customer Acquisition Targets: Establish clear targets for acquiring new customers. When setting these goals, consider how many new customers you need to reach your revenue goals. What strategies will you use to reach and convert them? Considering your plan will help you determine which markets you should target, how you will advertise, and whether you need to adjust your offer to attract new customers.

• Client Retention Goals: Retaining existing customers is often more cost-effective than acquiring new ones. Set specific goals for client retention and determine the steps you will take to drive repeat business and referrals.

• Customer Satisfaction Tracking: How will you measure customer satisfaction? Implementing feedback mechanisms like surveys, reviews, and social media monitoring can help you understand how much customers like your service and identify areas for improvement.

Identify Customer Acquisition Strategies

Once you have established your goals, it is time to consider strategy. Implementing a multi-layered approach can help you convert more prospects into clients.

• Ground Game: Your "ground game" involves direct, in-person interaction. Face-to-face outreach could include attending industry conferences, community, alumni, or business networking events.

• Digital Marketing Strategy: The average American spends 7 hours in front of a screen daily. If you want to get their attention, you must show up online. Consider how you will reach customers through digital ads, social media, video, and your website.

• Integrated Approach: Seamlessly integrate your ground game and digital marketing efforts. For example, if you attend an in-person event, promote it online beforehand. Capture videos during the event, and share what you learned or who you met on social media.

Determine People and Resource Needs

Once you have set your goals and built a high-level strategy, it is time to consider what people and resources you will need to execute your plan at a high level.

• Personnel Needs: Will you need to expand your team to achieve your goals? Consider hiring new employees, contracting specialists, or partnering with other businesses to provide complementary services.

• Operational Changes: Identify any necessary operational changes to support growth and enhance the customer experience. Continuous improvement could involve streamlining processes, improving customer service protocols, or changing employee roles or responsibilities.

• Technology Enhancements: Explore technologies that can elevate the customer experience. Upgrades might include adding a Customer Relationship Management (CRM) system, personalized marketing tools, automation software, or online communication platforms.

Summary

Setting customer-focused goals is crucial for building a successful and sustainable business. By linking these goals to your financial objectives, identifying effective acquisition strategies, and allocating resources strategically, you can create a customer-centric approach that drives growth and fosters long-term loyalty.

In the following article, we'll delve into gathering data and analyzing it.