why research your competitors

Crushing the Competition – Episode #3

by Richard Wilson on June 30, 2010

Richard Wilson presents a 3 step process that you can follow to launch any product or service in a way that grabs the attention of your targeted customer in at least 20 different ways and crushes your competition.  The more familiar you are with your customer avatar the easier this process will be and by following this process you can really refine your Unique Selling Proposition (USP).  Most importantly by following Richard’s advice you can leverage the $100,000’s of dollars spent on experimentation and testing of product offers and business models that your competition has developed and profit from them in your own business.  (Download this Mp4 Video)

Video Transcript/Summary: Within this video module Richard covers the following points:

  1. If you complete competitive analysis on your top 10 competitors you will double your chances of surviving and thriving in your space
  2. Identify what one service if you could offer would double the size of your business or profitability in your industry
  3. Now identify the top 10 competitors within the niche
  4. Now visit the websites of each of these 10 competitors and take notes on each of them.  Figure out what each of them is doing right, wrong, and exactly how they have positioned their offering.  What pricing and packaging are they using?
  5. For each competitor try to find at least 2-3 things they are doing right or AWESOME and make sure you incorporate that into your own marketing and sales process.  This way you are gathering the best practices of everyone in your industry and incorporating the best of those into your offering.
  6. The real value in this is that your competitor is only going to research 2-3 or maybe 3-5 of your competitors, and if they look at your offering they will be impressed because your offering should include the best practices from all 10 of your top competitors.

This process works, I know because I have used it first hand dozens of times. Use it and profit from it.

Thanks for joining us, see you next time!

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