All businesses have competition, even if you’re the only trainer in your area. You have to compete with local gyms, other trainers, Yoga, Pilates, online training and streaming videos.
There are lots of options your Ideal Client has to choose from to help them reach their goals. You need to be aware of these options so that you can position yourself against them and make your business the obvious choice for your Ideal Client.
This IS NOT about changing your strategy based on the competition. Instead, look at this as a guide to help you understand your competition and your differentiators.
Where Do You Find Out About The Competition?
There is competition everywhere fighting for your Ideal Client’s attention. Don’t rely on your memory or current knowledge of the competition to do your review. Dig in and spend an hour or so researching the options available to your target market.
You can get clues to the existence of competitors from:
- Local business directories
- Your local Chamber of Commerce
- Advertising
- Press reports
- Exhibitions and trade fairs
- Questionnaires
- Searching on the Internet for similar services
- Information provided by customers
- Flyers and marketing literature that have been sent to you
Questions To Ask Yourself…
Once you’ve got the list of competitors ask yourself the following questions to help you complete your review:
- Who are your competitors?
- What products or services do they sell?
- What is each competitor’s market share?
- What price points do they sell their products or services at?
- What are their past strategies?
- What are their current strategies?
- What type of methods are used to market their products or services?
- What are each competitor’s strengths and weaknesses?
- What potential threats do your competitors pose?
- What potential opportunities do they make available for you?
A competitive analysis is a critical part of your marketing strategy and Local Market Positioning™. Using this article to help you identify and evaluate your competition will give you a clear path to differentiate your business.
Want Help Creating A Marketing Plan To Grow?
Schedule a complimentary Strategy Session with an expert on the Fitness Revolution Team to help you find a solution to your growth challenges. On this call, you’ll be able to uncover the obstacles holding you back from reaching your goals and put a plan in place to overcome them. It’s time to end the guesswork and frustration so that you finally create the income and business you want.
