5 Things You Can Learn From Your Competitors
“Keep your friends close, but your enemies closer”, it’s good advice. If you aren’t learning from your competition you are missing a great opportunity. You are always looking for ways to grow your company and stay ahead. Take the time to discover what your competitors are doing and how you can benefit from it.
Developing a competitive analysis is just the beginning. Studying your competition should be an ongoing, evolving effort, one that keeps you watching, listening, and absorbing information.
Here are 5 simple things you can learn from your competition to help grow your business.
1. Unique Selling Proposition (USP)
This is first and foremost because it is very important to determine what separates you from the rest of your competition. By looking at what your competition offers, you can assess your products/services and how to differentiate yourself.
2. Customer Service Initiatives
Learn what your competitor does to improve their customer experience. What parts of their process work and what parts don’t? Take the information and improve your processes. Because, A customer is 4 times more likely to buy from a competitor if the problem is service related vs. price or product related. Customer service is very crucial to maintaining and retaining customers.
3. Marketing Ideas
Maybe one of your competitors is conducting a successful online marketing campaign or they are running a promotion that seems to be increasing their sales. Determine why they use that strategy and evaluate how you can incorporate or develop a similar idea.
4. Common Pitfalls
Reading comments and reviews from your competition’s customers is a good way to learn what not to do. Say you read a negative comment about a competitor’s packaging, take the opportunity to learn from their mistake and avoid the pitfall before it becomes an issue.
5. Social Media Strategies
Monitor their social media strategy before/during/after you launch your own. Look at competitors’ campaigns and tactics on sites like Facebook, Twitter, and Pinterest. This will help you to learn from their successes and from their failures.
Healthy competition can help you keep your business performing at its highest level, but only if you’re paying attention and taking the opportunity to learn. We hope you find this information useful for next time you evaluate your competition.
About the Author
Director of Internet Marketing
Tyler comes to Farmore Marketing with multiple years of internet marketing experience across a variety of industries. He loves to play golf, the UConn Huskies and travel to new places!