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Your Competitor Screwed Up. Capitalize On It.

Your Competitor Screwed Up. Here's How You Capitalize On It.

April 4, 2022

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Competition can be fierce. Especially when it comes to business.

No matter what industry you’re in, there’s a business out there that does something similar to what you do. And if there isn’t one now, they’ll probably pop up in the future.

Your customer base can be spoiled for choice. But there are times when you can pull ahead of similar businesses in your industry. Namely, when your competitors make mistakes.

Heard of AirTags, Apple’s tracking devices? Although they were designed to help people find personal objects like keyrings, there have been numerous reports of AirTags being used for stalking and theft. And while AirTags have since been updated with anti-stalking measures, their competitor Tile recently introduced their own anti-stalking safety feature to take advantage of Apple’s bad PR.

And let’s take a look at the in-flight WiFi industry (which could reach a $6.7B valuation by 2027) that Elon Musk’s SpaceX is trying to disrupt. With Starlink, their satellite internet division, the company can offer faster and more reliable WiFi than what’s currently available with Viasat and Gogo, the current in-flight WiFi leaders.

When companies make mistakes or fail to fulfill the needs of their customers, there’s room for other businesses to take advantage. And while your competitors may not make headline-worthy slip ups like Apple, you can also keep an eye out for moments where they fail to reach the bar and capitalize on their mistakes.

Perform a competitor analysis

You know your own operations top to bottom, but how well do you know your competitors? For most SMBs, errors and mistakes won’t be immediately apparent. So, before you can think of taking advantage of your competition’s mistakes, you have to figure out what they’re doing well and where they’re missing out. Hence, a competitor analysis.

You can do a Strengths, Weaknesses, Opportunities, and Threats (SWOT) analysis to visualize where your competition stands. Plus, the analysis will help you determine the errors and mistakes that you can capitalize on.

Take a look at their website and social media. Where do they specialize in your industry? How are they similar or different from you? Then, take a look at their reviews. What are their customers gushing about? And more importantly, why are they complaining?

Take extra note of how their customers feel. One day, they could be your customers.

Be proactive and flexible

So, you’ve done your analysis, and can now pinpoint your competition’s weaknesses. Now isn’t the time to sit back and relax. Just because your competitor’s making a mistake doesn’t mean their customers will immediately come flocking to your business.

First, ensure that your business isn’t making the same errors as your competitors. You serve the same customers, so it’s not too far of a stretch to consider that you might be making similar mistakes in your own business. Next, look at your competition’s biggest weakness and think about how your own business can address their customers’ needs.

Here's an example: let’s say you’re part of the landscaping industry and you notice that your competitor is losing customers because of the toxic products they use. If you use the same products, you might want to consider making a switch to more eco-friendly ones. Then, you can launch a marketing campaign emphasizing your use of clean substances to entice those unhappy customers.

You want to practice flexibility when it comes to addressing these mistakes. If you can comfortably pivot your focus to address the errors that your competitors are making, you’ll drive more business to your own company.

Don’t bite off more than you can chew

If you’re actively growing your business, you’re looking for any opportunity to entice customers to your side. And while it’s a good idea to keep an eye on your competitors, the most important thing you can do is make sure you're providing the highest quality goods and services to your customers.

In other words, don’t try to be everything to everybody. You’re the first choice for your customers because you provide them with exactly what they need. If you can pivot slightly to attract your rivals’ customers, great! But don’t feel the need to change your business model to entice those consumers.

Just keep your eyes peeled for opportunities. And if one of your competitors drops the ball, there’s nothing wrong with you picking it up.

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Thank you! Your submission has been received!
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Article

Your Competitor Screwed Up. Capitalize On It.

Your Competitor Screwed Up. Here's How You Capitalize On It.

April 4, 2022

Jump to a section
Share it!
Sign up for our newsletter
Thank you! Your submission has been received!
Oops! Something went wrong while submitting the form.

Competition can be fierce. Especially when it comes to business.

No matter what industry you’re in, there’s a business out there that does something similar to what you do. And if there isn’t one now, they’ll probably pop up in the future.

Your customer base can be spoiled for choice. But there are times when you can pull ahead of similar businesses in your industry. Namely, when your competitors make mistakes.

Heard of AirTags, Apple’s tracking devices? Although they were designed to help people find personal objects like keyrings, there have been numerous reports of AirTags being used for stalking and theft. And while AirTags have since been updated with anti-stalking measures, their competitor Tile recently introduced their own anti-stalking safety feature to take advantage of Apple’s bad PR.

And let’s take a look at the in-flight WiFi industry (which could reach a $6.7B valuation by 2027) that Elon Musk’s SpaceX is trying to disrupt. With Starlink, their satellite internet division, the company can offer faster and more reliable WiFi than what’s currently available with Viasat and Gogo, the current in-flight WiFi leaders.

When companies make mistakes or fail to fulfill the needs of their customers, there’s room for other businesses to take advantage. And while your competitors may not make headline-worthy slip ups like Apple, you can also keep an eye out for moments where they fail to reach the bar and capitalize on their mistakes.

Perform a competitor analysis

You know your own operations top to bottom, but how well do you know your competitors? For most SMBs, errors and mistakes won’t be immediately apparent. So, before you can think of taking advantage of your competition’s mistakes, you have to figure out what they’re doing well and where they’re missing out. Hence, a competitor analysis.

You can do a Strengths, Weaknesses, Opportunities, and Threats (SWOT) analysis to visualize where your competition stands. Plus, the analysis will help you determine the errors and mistakes that you can capitalize on.

Take a look at their website and social media. Where do they specialize in your industry? How are they similar or different from you? Then, take a look at their reviews. What are their customers gushing about? And more importantly, why are they complaining?

Take extra note of how their customers feel. One day, they could be your customers.

Be proactive and flexible

So, you’ve done your analysis, and can now pinpoint your competition’s weaknesses. Now isn’t the time to sit back and relax. Just because your competitor’s making a mistake doesn’t mean their customers will immediately come flocking to your business.

First, ensure that your business isn’t making the same errors as your competitors. You serve the same customers, so it’s not too far of a stretch to consider that you might be making similar mistakes in your own business. Next, look at your competition’s biggest weakness and think about how your own business can address their customers’ needs.

Here's an example: let’s say you’re part of the landscaping industry and you notice that your competitor is losing customers because of the toxic products they use. If you use the same products, you might want to consider making a switch to more eco-friendly ones. Then, you can launch a marketing campaign emphasizing your use of clean substances to entice those unhappy customers.

You want to practice flexibility when it comes to addressing these mistakes. If you can comfortably pivot your focus to address the errors that your competitors are making, you’ll drive more business to your own company.

Don’t bite off more than you can chew

If you’re actively growing your business, you’re looking for any opportunity to entice customers to your side. And while it’s a good idea to keep an eye on your competitors, the most important thing you can do is make sure you're providing the highest quality goods and services to your customers.

In other words, don’t try to be everything to everybody. You’re the first choice for your customers because you provide them with exactly what they need. If you can pivot slightly to attract your rivals’ customers, great! But don’t feel the need to change your business model to entice those consumers.

Just keep your eyes peeled for opportunities. And if one of your competitors drops the ball, there’s nothing wrong with you picking it up.

Article

Your Competitor Screwed Up. Capitalize On It.

Your Competitor Screwed Up. Here's How You Capitalize On It.

April 4, 2022

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