Why care about competitors

Business strategists often suggest ignoring competitors.
They prefer we focus on what we can control – what we do and how we do it.
Problem is, that advice can lead to a type of bunker mentality and it’s darn difficult to grow inside a bunker.
Especially when clients are operating in an open marketplace outside the bunker.

We would argue the more you understand your competition, the easier it is to direct your energy. And it’s as important for solo-preneurs as it is for large studios.

Here’s two reasons why designers should do regular competitive analysis

1. Onlyness

Standing out in a crowded marketplace is about being distinctive.

Highlighting your superpower – what you do better than others – helps identify why clients should work with you rather than a competitor.

That’s hard to do if you don’t know what your competitors do, offer, or say.

Action: Google to research competitors and view their services fresh, through your client’s eyes. Document the insights as the start of your competitor analysis research. Not sure how? Email and I’ll send our factsheet.

2. Innovation

It doesn’t need to be time nor labor intensive, but conducting regular competitive analysis helps:

identify opportunities. Gaps in the market are gold — specialisation means less competition, higher fees and the chance to be seen as an industry leader
understand your share of the market and whether there is a place for your service.
identify possible collaborators. Competitors with similar but not exactly the same skills can make perfect collaborators; could be a bolster for both firms.

Action: March Lunchtime Learning is about specialisation and whether it’s viable in Australia. You can register here.

The so-what?

Identifying who you compete with is valuable, if only to see your studio through your clients eyes.

The real benefit will be the insights.
Insights that will help identify how your offer differs from others.
What makes you distinctive.
Your onlyness.

Want to continue the discussion? Email Carol.

Carol Mackay

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About Carol

After 30+ years running a design studio, I accumulated a pretty special network of fellow designers. One thing most have in common: a dislike for the ‘business’ side of design. Most are impatient with any task competing for time spent doing what they love – designing.

Not me. I love that intersection between design and business. I built a career working with Ombudsman schemes, the Emergency Services sector and the Courts. My special power has always been an ability to use design to translate the difficult to understand or the unpalatable message.

I now use exactly the same skills with creative business owners. I translate the indigestible into bite-sized chunks of information. I share insights, introduce tools and embed processes to help others build confidence business decision-making skills. More confidence makes it easier to grasp opportunities. More confidence makes it easier to recognise a good client from the bad.

Outside DBC I have mentored with Womentor, AGDA and most recently with The Aunties.
And I’m a proud board member of Never Not Creative. Ask me about internships

Always happy to chat, I can be contacted here.

For a short while, an archive of my design work at mbdesign.com.au.
My current work can be viewed at designbusinesscouncil.com and designbusinessschool.com.au.