Gaining Insight: How to Use Competitor Analysis to Improve Your Business
Remove Yourself Emotionally
Performing a competitor analysis can sometimes be scary, especially when it has the potential to shine a light on our own performance. We all feel it, but adopting an objective mindset is the only way to gain valuable insights into what YOU can be doing to improve your own business.
Approach the competitor analysis as a learning opportunity rather than a threat. Instead of feeling intimidated or discouraged by strong competitors, focus on identifying areas where you can improve and differentiate yourself. Adopt a growth mindset that emphasizes continuous learning and development.
If you find yourself becoming emotionally involved during the analysis, take breaks to recharge and gain clarity. Use these moments to reflect on your emotional responses and consciously remind yourself of the importance of objectivity.
Identify your competitors:
Differentiate between direct competitors shooting the same categories in the same style, and indirect competitors shooting the same categories but in a different style or adjacent categories. Create a list of their names, websites, and social media profiles.
Conduct a SWOT analysis:
Evaluate competitors' strengths, weaknesses, opportunities, and threats. Use this analysis to gain a holistic view of your business and theirs.
Strengths: Identify your competitors' strong points, such as a niche look and feel, strong client base, location, or specialized expertise. Consider how you can leverage your own strengths to compete effectively.
Weaknesses: Look for areas where your competitors may be lacking, such as limited visibility on certain platforms. This can highlight opportunities for you to excel and better promote yourself.
Opportunities: Explore potential opportunities that your competitors may not be fully capitalizing on. This could include emerging trends, untapped markets, or new client segments that you can target.
Threats: Identify external factors that pose challenges or threats to your competitors' businesses. This could include changes in styling trends, shifts in preferred marketing tools, visibility, or location. Understanding these threats can help you anticipate potential challenges and prepare accordingly.
The best way to approach the SWOT analysis is to do one for yourself as well. Identify where you’re excelling, what you need to work on, areas to expand your portfolio, client base, or marketing, and any threats that are or could limit your business.
Review their portfolios:
Your competitors' portfolios are the first place to start your analysis. Look at their photography style, the type of clients they work with, and the industries they specialize in. This information will help you identify their strengths and weaknesses and give you a sense of how you can differentiate yourself. Compare technical skill with creativity, production value with authenticity - no one can be all things at once, so identify what makes your work “your” work.
This is an area that could stir up some negative feelings, but try to remain objective. Maybe you could improve some element of your lighting techniques, or incorporate different angles or compositions.
This is also a time to identify what you’re doing really well, and what some tangible differences are between your work and the work of others (remembering that different here isn’t bad, it’s just different - this is what sets you apart and makes you stand out).
Analyze their social media presence:
Study how competitors engage with their audience on social media. Look at their posts, engagement rates, and content types to inspire ideas for developing your own social media strategy.
Assess their "findability":
How’s their SEO? Are they listed on any directories? Do they have representation? What’s the area where you could improve your own visibility? Being searchable is just as important as being proactive, so make sure you’re available for those prospective clients who are actively looking for a photographer.
Keep an eye on their branding:
Do they have a strong brand identity? What does their overall brand look and feel like? What does yours? Maybe their work and brand identity is bright, energetic, and fun. Yours may be more subtle, nuanced, and calm. There’s no right or wrong there, but pay attention to how well your branding matches the work you’re creating and what story it’s telling about you as a creative and as a person.
It can be hard to engage in an activity that highlights our strengths and weaknesses, but it can provide such a great opportunity for growth. The next time you’re looking for some inspiration and motivation, take a look at your peers and try to pinpoint some things you’re doing really well and some that you could improve - it’s the only way to really grow.