If you’re in business, you know you have competition. And most likely, your competition knows about you. Some people think that in order to be successful you need to constantly be monitoring your competitors- but is that really true? While different people and organizations will find an approach that works for them, here at RainShadow Labs we feel like there’s a balance to be had between knowing what your competition is doing and minding your own business. Put another way: don’t spend all your time worrying about what other people are doing. Focus on what you are doing, and do it really well. Stay current on your industry, but don’t get lost in the mess of what everybody else is/will be doing. Mind your business- literally.
An easy way to look at it is to make sure that you have the special things that differentiate you as a brand/company dialed in and capitalized on to the max. Do what you do really well. Even if your competition offers something (even a small thing) that you don’t (and they probably will), your best bet is to deliver on your strengths with impeccable quality and confidence. People love authenticity, and in a world that’s growing increasingly plastic, the feel and flavor of real authenticity is a wonderful breath of fresh air.
A very useful (and necessary) thing to pay attention to is the industry/market as a whole rather than just the individual players you think you are competing with. This is important for a few reasons, one of them being that it puts you in an advantageous position to capitalize on new opportunities and trends potentially sooner than if you were paying more attention to individual brands instead. It also can provide you with some creative inspiration and ideas for your next product addition or marketing angle. Branch out a little and explore similar or other industries as well. You might find that some of your best ideas are actually inspired by someone/something outside of your own industry.
Just like finding the right combination of ingredients to make the perfect private label skincare product is a balance of art and science, so too is the balance between staying current on the industry happenings around you and focusing on your own mission and brand. Keep track of your results and adjust as you need to. Eventually, you’ll find your sweet spot.