Knowing who your competitors are and what they are offering can help you to make your products, services and marketing stand out. You can use this knowledge to create marketing strategies and take advantage of your competitors’ weaknesses, improving your own business performance. Also assess any threats and how you can overcome them.
Here are three important reasons on why it’s vital to be checking out your competitors.
1. To be the best
See what your competitors are excelling at and understand why with the following examples:
- Do they have a higher following on social media than you? Maybe this correlates with how active they are on their social media platforms.
- Do they have lots of reviews and higher ratings? See if there is a trend in what their customers are raving about. What do they do that is so outstanding?
- Are they in the news? What are they up to? Is this anything that you can announce to the media?
2. Get ideas for what not to do
Learning from someone else’s mistakes is an effective way for you to progress. Monitoring your competitors’ marketing campaigns brings in ideas of what works well and what doesn’t. Try going through their website as if you are a customer, to see what they are lacking in that you could use to your advantage.
You can also see if they have any bad reviews and why. Generate leads by offering your solution to their problem.
3. To be one step ahead
After thoroughly examining your competition, you might be bursting with creative ideas to take you one step further, coming up with ideas nobody else has thought of. Don’t rip off their ideas. Let their ideas inspire you to come up with your own. Better ideas that convert.
Keep in mind that your competitors could be watching you! Set the bar high.
So how do I start checking out my competitors?
We have recently created a free template where you can easily compare your business with your competition. This will provide you with valuable ideas and inspiration that you can use to your advantage.
However if you don’t have time to complete this, we can do it for you in detail for just £270.