An important step in developing business and marketing strategies for your art business is to take a look at your competition. Very successful companies focus on their customers but that is not to say they don’t keep an eye open for what the competition is doing. Here are a couple of quotes from Jeff Bezos, CEO and founder Amazon.com on being customer centric while keeping up on what the competition is doing:
“We watch our competitors, learn from them, see the things that they were doing for customers and copy those things as much as we can.”
“We’re not competitor obsessed, we’re customer obsessed. We start with what the customer needs and we work backwards.”
A competitive analysis is an important ingredient in answering the basic business planning question – Where are we now? You analyze your competition with the goals in mind of determining your competitor’s advantages/disadvantages and defining your own competitive advantage. Who knows? You may also get some great ideas from your competition and possibly creative inspiration!