If you search online for how to write a marketing plan, the essential elements of a marketing plan or how to write a business plan online I guarantee, you will always find a section devoted to analyzing your competition.
For brick-and-mortar stores and product manufacturers, it’s super important to know who else is on your street or which brands your product will sit next to on the shelf.
When shopping for a product, a customer can easily compare one list of features to the next. They can line up their options side by side and easily determine which item will best suit their needs.
But when seeking a service provider, things get more fuzzy. Services are based on experiences. It’s difficult for a client to objectively determine (even after they have paid for a service) whether it was the best option for them.
In his book Selling the Invisible, Harry Beckwith says service businesses have three main competitors and if you’re a massage therapist, a financial planner or an architect, two of them are certainly not who you think they are.
When searching for a service provider, clients are deciding between
1. Doing it themselves.
2. Not doing it at all.
3. Others in the same space.
So when you’re creating your marketing plan, it pays not simply to think about what others are doing, but what barriers you can remove between you and your clients either doing the work themselves or not doing it at all.
You’re selling a relationship, an experience. Not necessarily just features and benefits.