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As marketers, we love competitive analyses.
We study the competition to draw inspiration, identify opportunities, and establish benchmarks.
And while they are helpful in some respects—especially when thinking about positioning or differentiation—they can be limiting to our growth potential.
There’s a concept in psychology called reference bias. As humans, we tend to measure ourselves alongside those in our frame of reference. For instance, if you ask me how technically savvy I am, my frame of reference includes the engineering team I work with—so ask me another question.
Naturally, when it comes to determining the merit of a creative tactic, evaluating success, or finding ways to innovate in our business, we’re prone to look to what our “competitors” are doing.
But that’s just one way of looking at it.
Before free shipping was really a thing, the late Tony Hsieh, founder of Zappos, had the idea to invest the money that would’ve been spent on paid advertising into the customer experience. The e-commerce industry hasn’t been the same since.
Good ideas are industry agnostic.
Celebrated writer Haruki Murakami said “If you only read the books that everyone else is reading, you can only think what everyone else is thinking.”
Expanding the way you view yourself and the competition can be a liberating force for your team, your partners, and your potential.
As you head into 2021, how can you expand your view? Consider how you might raise the bar not only for your competition, but the industry as a whole.
~ Brent, and the Team at Clique
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