Competition Breeds Success: The Importance of Studying Your Competitors

You may view your fashion brand’s competition as the enemy, but they can actually be one of your best assets. Your biggest competition can show you the ropes in your industry, and also help you identify and get to know your customer. Fierce competition is a sign of any successful business, and there are a few ways that your business can be better thanks to other fashion brands.

Andy Grove, former CEO of Intel, was well aware of competition’s relation to great success. He famously said, “Success breeds complacency and complacency breeds failure.” Overnight success may be the dream for many fashion entrepreneurs, but if you don’t have other businesses who are constantly innovating and setting new trends, your business will never become a sustainable brand.

In order to stay ahead of your competition in the fashion business, you need to make sure to bring your very best. Being in tune with the competition doesn’t just mean copying their actions. If you only copy what other brands are doing then you’ll still be a step behind. When assessing your competitors, take a look at the overall journey of established brands and see which steps along the way propelled them to success. Also be aware of businesses that are at the same stage as your own, and take note of how their strategy is different from your’s.

There’s a lot to learn from other brands that your customer loves

One of the most important things to know about your customer is where they spend their money other than on your brand. Once you’ve found this out, take a good look at these competitors. While doing so, ask yourself these questions about each one:

• How are you similar? And, more importantly, how are you different? For any brand to be a success there must be something that sets them apart from the rest. Having an eye for the ‘It Factor’ of other successful brands is an important tool to ensure that you don’t lose sight of your own.
• Consumer reviews: What do customers like and dislike? What do the reviews tell you about the customer, and how similar are they to your own demographic
• Marketing techniques: What social media platforms is the brand using, and how do they engage with their audience? Do they make use of both print and digital advertisements
• Price points: How do your prices compare to the competition for similar items? If your prices are higher, is the quality also high enough to justify it?

Competition can be intimidating, but no business can thrive without it. Time spent learning about your competition is valuable, and remember to always keep your finger on the pulse of these other businesses. Once you know them, spotting changes in their strategy can give you a good idea of what to expect with your own company. Guarantee the success of your fashion brand by getting to know your competition today.