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!
The next step in the competitive analysis process is to identify attributes or areas where each of your competitors has a competitive advantage, no advantage or disadvantage and competitive disadvantages. Having this information will help you to develop effective strategies for a successful creative business.
The idea behind analyzing your competition is to look for their areas of strength and weakness. If they have areas of weakness you may want to take advantage of these. If they have areas of strength you will need to watch out and possibly emulate these strengths.
An important step in developing your business and marketing strategies is to take a look at your competition. You analyze your competition with the goal in mind of determining your competitive advantage and developing your market niche. Who knows? – you may get some great ideas and possibly creative inspiration!
The first step in a Competitive Analysis is to identify your competitors. This may sound easier than it really is. In working with my Artrepreneurship students at the Center For Innovation (Metropolitan State College Denver) I find that identifying one’s competition take a bit of effort and sometimes thinking outside the box.
Get a piece of paper and start to list your competitors. They could be in direct competition for your creative products or services or they could be in competition for the money in your customers wallet or purse. Your competitors could be individual artists, companies, or broad groups.