“Competition whose motive is merely to compete, to drive some other fellow out, never carries very far. The competitor to be feared is one who never bothers about you at all, but goes on making his own business better all the time.” — Henry Ford
Maybe you’re still considering the best way to start your nutrition business, or maybe you’re struggling with the idea of growth. No matter where you are on your entrepreneurial journey, one thing will always remain consistent – competition.
You aren’t alone in your industry and we know that it can be intimidating when you compare yourself to more established, similar organisations.
However, this is a mindset coming from a place of fear, and one that can be limiting to your nutrition business.
So, what’s the solution? How do you stand apart and overcome that fear?
The answer isn’t found in constant competitor analysis. Instead, it’s found when you focus your efforts on bettering your nutrition business and establishing YOUR competitive advantage.
What does “Competitive Advantage” mean?
Competitive advantage is the culmination of everything that sets you apart from others in your industry.
In short, it’s what makes you and your nutrition business special.
Many professionals struggle with this because it requires you to really home in on your talents, and to recognise things that you do better than anyone else!
This is one case where you need to really embrace your strengths and consider what you have to offer that’s both unique and beneficial to your clients.
How to set yourself apart from others in your niche…
Finding your competitive advantage requires an honest inventory of what you do well. Then, you’ll need to find a way to combine your talents to create an offering that will provide the most value to the clients within your niche.
To truly understand your competitive advantage:
- First, take an initial inventory of your strengths and the things you can offer in an advantageous combination. What can you create that no one else can? You’ll need to identify your niche and have a basic understanding of the types of clients you can help before moving forward.
- Next, you will need to gain an understanding of your competition. Research other nutrition businesses with similar offerings and examine what they offer and what makes them popular (or unpopular). Make sure to note all of this.
- Look for market gaps you can fill. Read client reviews posted about your competitors. See if there are any complaints, questions, or even praises that you can learn from. You will see gaps in the market when you read through the complaints, and you’ll see areas where you really need to excel when you read through the positive reviews!
- If there aren’t many online resources, don’t be afraid to speak directly to members of your target audience. Simply asking them what they want and need within your niche can provide you with some valuable professional insight.
- Once you have a picture of the competition and what your clients really want and need, it’s time to gather your value propositions. Think of what you do well and where it can be applied in the market.
- Once you’ve matched your strengths to gaps within your niche, you can create a unique value proposition that will help you gain a competitive advantage over others in the nutrition industry.
And it’s important to remember that change can be a very good thing in business! If you identify market gaps that need to be filled, you should consider growing your skill set to fill them.
As you gain new skills, you can continue to grow and improve as a nutrition professional – and you’ll need to adjust your competitive advantage accordingly.
What’s a “Blue Ocean Strategy,” and why do you need one?
During your market research, you may have seen or heard the term “Blue Ocean Strategy.”
In a regular competitive market, businesses are trying to outdo one another in an aggressive way. In a figurative sense, this would be like hurting your competitors and would create a “red ocean.”
In a “blue ocean” you are working to offer a new value proposition that’s different from others. Your biggest competition is yourself, and you work from a place of creative innovation rather than aggressive competitiveness.
This is a market theory developed by professors W. Chan Kim and Renee Mauborgne in 2004. The Blue Ocean Strategy advocates for differentiation in an attempt to carve out an entirely original market space.
For the layperson, this means that you can create your very own niche free of other competitors when you identify a client need and establish a unique offering to meet this need. Be so different and innovative that your competition doesn’t exist yet!
Creating a multi-service practice is key.
When it comes to developing or growing an innovative nutrition business, creating a multi-service practice is your best chance to establish a competitive advantage.
You can grow your knowledge to offer specialised services for your clients, carving out your own unique niche.
Ready to get started? The Nutrition Business Explorer Program™ was created to give you the knowledge you need to offer innovative value to a wider client base. Click here to learn more…
