7 Easy Steps For Mediators To Do A Competitor Analysis
Do you want to stay ahead of your competition as a mediator? Are you tired of reacting to changes in the mediation field instead of being ahead of the curve? You can avoid all of that frustration by regularly conducting a competitor analysis. Let me show you how.
One of the tasks I perform for clients who consult with me on practice development is a competitor analysis. If you haven't conducted a competitor analysis before, you're in for a treat. I'm going to walk you through the process, including what to consider, and provide examples using a hypothetical mediation practice. Let's get started.
Firstly, what is a competitor analysis for mediators? It's exactly what it sounds like. You're examining everything that your competitors in the mediation field are doing, at least the aspects that are visible. This isn't about corporate espionage; it's about understanding how your practice compares. Now, why should you bother doing a competitor analysis?
There are several compelling reasons to perform a competitor analysis as a mediator. It's a common step in staying competitive and shaping your practice development strategy. By analyzing your competitors, you can achieve the following:
Identify what your competitors are doing correctly: This will give you insights into what you should also be doing, not in terms of copying, but as a source of inspiration.
Identify what your competitors are doing wrong or incorrectly: This will reveal gaps in the mediation market and unmet needs that you can fulfill.
Establish your unique value proposition: By comparing your company, mediation services, or approach to those of your competitors, you can identify what sets you apart and highlight your unique strengths.
Gain insights into growth opportunities: A competitor analysis allows you to observe what customers are saying about your competitors, the problems they face, the solutions they seek, and their feedback. This information can help you anticipate growth opportunities in the mediation field.
So, how often should you perform a competitor analysis as a mediator? I recommend conducting an in-depth analysis at least once a year. However, to stay up-to-date and ensure your strategies remain relevant, it's beneficial to schedule a competitor analysis every six months or so.
Now, let's dive into how to perform a competitor analysis as a mediator and the key considerations involved.
1. Find your mediator competitors: Start by identifying other mediators or mediation practices that offer services similar to yours. This includes mediators operating in your geographical area or within your digital space. These direct competitors should be your main focus. Begin by searching online, using keywords your potential clients might use when looking for mediators like you. Social media and search engines can provide you with a list of options. For example, searching for "mediators near me" can display a range of competitors.
2 Outline your competitors' mediation services: Once you've identified your competitors, take the time to explore their websites, review their social media presence, watch any videos they have, and read their blog posts. This will help you understand the mediation services they provide. Pay attention to details such as the types of services offered, their policies on topics like confidentiality or fees, and any additional resources they provide to clients. By examining these aspects, you can gain a comprehensive understanding of your competitors' offerings.
3. Analyze how your mediator competitors engage with clients: Now, it's time to examine the sales process of your competitors. Put yourself in the shoes of a potential client and go through the steps they would take when engaging with your competitors. Browse their mediation services, explore the information provided, and assess the overall experience. Look for details such as how they present their services, the ease of navigating their website, and the clarity of their communication. Additionally, pay attention to their social media feeds, subscribe to their newsletters, and read through any emails you receive. This will give you insights into how they engage with their audience, whether they respond to inquiries or comments, and the overall tone and style of their communication. Take note of the frequency of their posts, the level of engagement they receive, and any strategies they employ to attract and retain clients.
4. Evaluate your competitors' pricing and service structure: While exploring your competitors' websites and product offerings, pay close attention to their pricing. Examine how they present their fees, any discounts or packages they offer, and how their pricing compares to other mediators in the market. Take note of the value they provide in relation to their pricing and consider how your own pricing structure aligns with or differentiates from theirs. Additionally, analyze any additional services or unique features they provide to clients and how they position these offerings.
5. Study your competitors' digital marketing strategies: This step involves examining your competitors' overall digital marketing efforts. Look for both paid and organic strategies they employ to reach their target audience. Explore their social media platforms, search engines, and other digital channels where they have a presence. Observe the types of content they share, the frequency of their posts, and the engagement they generate. Pay attention to the tone of their messaging, the use of visuals, and the effectiveness of their calls to action. This analysis will help you gain insights into their marketing approach and identify potential opportunities for improvement in your own strategy.
6. Review customer feedback and reviews: Reading customer reviews, comments, and feedback about your competitors is invaluable. This allows you to understand the experiences and perceptions of their clients. Look for common themes in positive and negative reviews, customer questions or concerns, and any recurring issues that clients mention. This information can help you identify areas where your competitors may fall short and provide ideas for enhancing your mediation services to better meet client needs.
7. Conduct a SWOT analysis: Finally, perform a SWOT analysis based on the information you have gathered. SWOT stands for Strengths, Weaknesses, Opportunities, and Threats. Evaluate your own strengths and weaknesses compared to your competitors, identify potential opportunities for growth and differentiation, and recognize any external threats or challenges you may face. This analysis will enable you to develop a strategic plan that leverages your strengths, addresses weaknesses, and capitalizes on opportunities in the mediation field.
By regularly conducting a thorough competitor analysis, you can position yourself as a knowledgeable and adaptable mediator. Understanding your competitors' approaches, services, and strategies allows you to make informed decisions, refine your offerings, and stay ahead of the curve in the ever-evolving mediation landscape.
I hope this guide has provided you with valuable insights into performing a competitor analysis as a mediator. Remember, staying informed about your competitors is key to remaining competitive and delivering exceptional mediation services.