10 Things A Business Owner Must Know About Competition

Posted on Posted in 2016 Business Opportunities For You, What's Trending Now

 

A business owner should adopt an intensive mind-set that will enable them to embrace what can be learned from wealth and business and subsequently start making and growing the business.

To help everyone achieve an effective way to have same mind-set with competitors to ensure the growth and presence of business.

 

1. Read the Competitor’s Copy

This does not mean copying the competitor but It’s about learning how the competition is “talking” to your shared audience. Are they saying things that you should be saying? Are they using a language that is more appropriate for your market?

One should see where they share their content. If they have seem to have a big audience on a certain platform, you should consider uploading content on a similar avenue. This is a chance for you to say things differently than your competition, something that could tell people what your product or service has to offer and how customers can benefit from you. However, you must know what your competition’s copy is saying first, before you craft your own.
2. What’s The Competitor’s Online Ranking?

Once you analyze your competition’s website and content, list a number of keywords that they use and run them in search engines. If the rankings they receive are more prolific than yours, you can act on that by adding their words to your own website, landing pages, graphics, and headers.

Using analytic tools from sites like ComScore can show you the results of what your competitors are doing. You should use this tool or something similar to eventually improve your ranking.
3. What’s Their Online Marketing Strategy?

Check your competition’s online marketing campaigns and the visuals they use. Is it different from yours and is it more successful? If this is the case, you might need to tweak your marketing strategy to reach out to the same target audience and gain your own customers.

You can track your competition’s online marketing on various sites and paid advertising platforms like Google AdWords.

4. Check Social Media Presence of Competitors

Social media is the definitive method of interacting with customers. Having a strong and interactive online presence not only helps you retain paying customers, but it also encourages new ones to engage and try out what your business can offer. Making your posts and updates entertaining even results to a bonus of having people enjoy and share your content.

Analyze how your competition uses Facebook, Twitter, and Instagram. You can save yourself a lot of time of testing on which content to post, when to upload, and how to frequently share content. If your competition follows a certain pattern that works, in terms of interacting with customers at certain times of the day, try using the same frequency in your social media activities. This way you can attract people who are interested in the same topics and industry to check out your updates and learn about what you sell.

 

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5. What Does Their Audiences Communicate?

You shouldn’t stick solely with your competition’s social media accounts to know their customer’s feedback. Consequently, you also need to check your competition’s blog pages and forums.

Doing this will allow you to pick up vital “intelligence” about your shared audience and tailor your way of communicating your brand to receive better interaction.

You can even comment and ask your own questions on your competition’s blog posts so that other customers may respond with their opinions about the company. People tend to be pretty ruthless in their opinions, so you’ll get a fairly honest opinion from an actual target audience.

6. Buy Directly from Your Competition

Whatever industry you’re in, you can buy or use a product or service that your competition sells to get a real idea of what you’re up against. You may find that your product development becomes more productive when you realize that there is something your competition is missing in their products or services.

If you’re absolutely wowed by their products or service, create a unique mark for your product or improve what you’ve been doing or come up with a distinct solution to a problem your competition is missing out on. Despite being rivals, your competition can be a source of inspiration to reach your company’s milestones.

7. What Platforms Have They Haven’t Used

So, your competitor is a Facebook hit and a Twitter wizard. So what? There’s bound to be some platform that they’ve failed to capitalize on. Startup companies tend to go all out in “social media” and begin “socializing” with audiences as soon as they set up their profiles on networking sites (as the ‘start your own business’ handbooks tell them), yet they tend to forget signing up on other online platforms that can be just as effective for customer engagement.

One of the best networking site you should be in is LinkedIn. It is a great way to network with industry professionals and even gain future employees. See how your competition uses this space and simply “out-network” them.

8. How Do They Manage Their Brand

Researching your competition’s social media presence will definitely give you a glimpse into how brand management works. If this is your first business, any little insight will help when it comes to managing your own brand.

Try to read between the lines and see what message your competition is communicating and how they express it through their target audience.

Since you’re sharing a market, you don’t want to manage your brand too differently from a successful standard (the competition); yet you still need to take advantage of their lapses in business and what gaps they haven’t filled in to make your brand stand out.

9. Do Your Research

Google Alerts gives you a steady stream of information that allows you to monitor your competition’s performance and strategies. Whether it’s from mission statements, sales alerts, or other marketing campaigns, Google Alerts will notify you of their overall performance and reveal what works and what doesn’t.

This allows you to tap into the correct market without doing heaps of extra research, especially when you’re just starting out in the industry. You’ll instantly know what markets your competition is gaining favorable results in, empowering you to capitalize on that “tip-off.”

10. Know the Effective Status of Their Company Culture

You’ll never know exactly what a day-to-day experience is within the confines of your competition’s office walls, but you can definitely pick up on what’s important to them and what defines their company culture.

Check on how they hire and which people they’re absorbing into the company so you’ll have an idea of which positions and type of people you’ll need to hire to be at par with them. Keep in mind that you need your best recruits for the long term.

 

 

2 thoughts on “10 Things A Business Owner Must Know About Competition

  1. 708536 186603This article gives the light in which we can observe the reality. This is very nice one and gives in-depth information. Thanks for this nice article. 213294

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