It’s uncomfortable to compare yourself to others, and this rings true for companies as well. Reviewing each SWOT component can feel like a death by a thousand cuts to your company’s self esteem.
But, a frequent review how your company stacks up against competitors is crucial for your marketing and your overall success.
Why? Because your prospects are always going to measure you up against your competitors.
Consider the #Tokyo2020Olympics. If you’ve been following the USA women’s gymnastics team, you’ll notice that every athlete is compared to Simone Biles. Even when another athlete is performing, Biles is being discussed. (Side note: Go Team USA! 🇺🇸)
Athletes won’t grow, and won’t set new records or create new skills, if they only focused internally. The same is true of your business.
Don’t let the inevitable bad news scare you (and there will always be some bad news or you aren’t doing it right!). While a SWOT analysis or competitor audit can be a humbling experience, they will highlight required changes or updates you need to make to continue to attract and delight customers.