Now is the perfect time to start exploring your competition in greater detail. Subscribe to their mailing lists, follow them on social media, study them until you know their product offerings and services as well as you know your own.
Start by identifying three to five competitors who most closely match your own business. Then make it your mission to know as much about their business practices as you know about your own. The goal is to understand their strategies, the promotion tools they use, and the types of relationships they build with their audiences to identify areas in which you can improve upon what they offer.
Your ultimate goal in this is to identify ways in which you can add value over what your competition has to offer. It’s not simply their products and services you need to offer. Those are great places to begin. However, they are only a small window into the big picture you want to know about all your competitors. Ultimately, you want to make sure you offer more complete products, better service, a more pleasant buying experience, and greater overall value from your products – those you offer for free as well as those you sell.
Make sure, though, that you don’t find yourself following your competitors and reinventing the products they’ve created. Instead, use what you learn to inspire you to create something new and different that sets you apart from all your competition.