Most times we view competition as a bad thing. As something that hinders up from higher profits, more customers, or larger market share. But it can also be something very useful. It can be something that allows you to gain a distinct advantage within the market.
Instead of looking at competition is a negative. Enjoy the rivalry. Enjoy how they push you to become better, how they help you grow, and how they keep you innovative. Most of all let them help you by what they are not doing.
Instead of focusing what they are doing. Take a look at what they are not doing. Yeah they have products or services, marketing campaigns, and innovative habits, but what are they not doing.
Start to look at the customers you are competing for. How are the competing organizations communicating with those customers. What marketing touch points and how effective are they? What service, product, accessories, or up selling options do they have? What venues are their strengths and which ones are their weakness’. But most of all, which ones have they not looked at or explored. I like to call this the Swiss cheese analysis. There is a lot of great structure within the organization, but a lot of holes. A lot of potential areas to communicate with customers that they haven’t explored yet.
A lot of areas that would allow you to really expand your marketing campaigns, services lines, and slowly increase your market share.