Learn From Competitors to Gain Business Advantage
Competition is a tough part of the business game. But, the great thing is, you can learn from your competitors. It brings you benefits when you know how to make the most out of your competition.
Knowing the best practices of your competitors and using them to improve your business is an effective business tactic. You can use the information you gather to give your business a competitive advantage and bring more customers to your door.
What can you learn from your competitors?
Here are a number of reasons why you need to study your competitors:
- To identify your competitors’ weak points
- To know the way your competitors run their business
- To make your products and services better than the competition’s
- To gain competitive advantage
- To improve your business strategies and performance
- To provide the market with better alternatives
- To identify what works and what to avoid
As business owner, one of your missions is to go undercover and know the secrets that your business can make use of. Well, you don’t need to sneak around, cross ethical lines or break the law.
Ways to learn about your competition
1. Identify who your competition is.
Aside from determining which businesses are offering the same products and services as yours, you also need to consider those businesses that fulfill the same or similar needs. Know where customers are spending their money and find out why customers would choose them over you. Also, keep your eyes open and be on the lookout for new competition in the market.
2. Check out your competitors’ presence.
Visit their websites, blogs and social media pages to gain insight on their unique value propositions. You’ll get to know if their sites are more enticing to prospective customers than your sites.
Also, sign up to their emails or subscribe to their company newsletters. From here, you’ll get to know their sales and marketing strategies, latest offerings, product launches, etc.
3. Be a customer.
Put yourself in the shoes of a customer to get acquainted with your competition. Study their advertising and marketing campaigns. Visit their online or traditional store and be a mystery shopper. Test their products and services. See how they charge, distribute, serve and deliver.
Know how they enhance customer loyalty and every backup service they provide. Through this, you’ll see the way they interact with their customers and learn the best aspects about their customer service.
4. Conduct online searches.
Keep track of your competitors’ online activities. Check how their products or services rank on Google and how many news stories they appear in.
Make use of Google search, Google Trends and Google Alerts. Read reviews about their business and comments on their social media sites to know about their strengths and weaknesses.
Check their Twitter feeds, Facebook posts, Google+ pages, YouTube channels, etc. to know the type of content they are providing. You’ll get to see their followers and what they do to attract customers. Know the content which gets the most engagement from their followers and fans.
5. Attend trade shows, exhibitions and conferences.
Visit your competitor’s booth. Take a look at their display, promotional activities and get a copy of their handouts. Talk to their business representatives. Check how busy their booths are and the types of customers who visit them.
Keep these things in mind:
Take advantage of your competitors’ weaknesses to improve your strategies. Identify what works and improve it. Know what doesn’t work and avoid it. Learn from their mistakes and benefit from their successes.
Interested to know how you can gain an advantage over your competitors? Let Pamela Finnesand, The Business Maximizer, assist you. Schedule your complimentary Business Breakthrough Strategy Session today!
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