Understanding and staying ahead of your competitors is one of the key factors in succeeding in the business world. Knowing who your competition is, what they’re planning, where they stand, and where you stand in comparison can make or break a campaign or even a brand as a whole. Here are a few ways to keep tabs on your competition so that you can strategize accordingly.
1. Competitive Analysis
Take a tip from The Art of War: know yourself, know thy enemy. A competitive analysis involves identifying your competitors and evaluating their strategies to determine their strengths and weaknesses relative to those of your own brand. It’s essential that you pay attention to the details of your competitors’ products, services, and marketing and measure how it all stacks up against your own.
2. Social Networking
Thanks to social media platforms like Facebook, Twitter, Instagram, and more, we have a sneak peek into what’s coming next from our competitors – so take advantage! Simply following competition on different social networks loops a company into a category and can often lead to that company being suggested when people follow competing businesses. Companies also often post updates and upcoming campaigns on social sites.
3. Attend A Conference
There are conferences and shows for every market, industry, and division out there. These are good learning experiences both for the company itself to gain new skills and also to give an idea of what they’re up against. These events can shed light on new and more efficient technologies, skills, or techniques and strategies that competition may not be aware of yet. It will also give your employees a chance to branch out and become inspired by other forward-thinkers in your industry.
4. Customer Surveys
Your customers are one of the easiest, cheapest, and most informative resources you have, so it’s important to include them when gathering data. Some of the best questions to ask on a customer survey are, “Who did you use before?”, “Why did you switch?”, and “What’s one thing would you change?” This lets you know some of the weaknesses of competitors and also what areas need more improvement. Offer rewards and incentives to your customers to encourage them to participate!
5. SWOT Analysis
In our previous blog, we discussed the benefits of conducting a SWOT analysis on your own business. But you can also use them to assess your competition as well! Analyze the Strengths, Weaknesses, Opportunities, and Threats of your competitors to use the information to better your own business. What strengths of theirs can you adapt into your own brand? What weaknesses could you use to draw more consumers your way?
These are just give quick, easy techniques for tracking and staying ahead of your competitors. These tips can also give a company a better idea of the market they are a part of, how it is progressing, and how to keep up with it. There’s nothing wrong with some healthy competition, as long as you’re using it to better your brand!