No business exists in a vacuum. If you aren’t aware of what your competition is doing at any given time it could spell big trouble for your bottom line.
While this is probably not the first time you’ve heard this advice, it can be difficult to follow. After all, running a business takes a lot of time and energy. Further, even if you really want to keep tabs on the competition, it can be difficult to know exactly how to do that.
If you are wondering how exactly to track what your competition is doing so that you can stay one step ahead of them, we have some simple tips to help you out.
- Jump on their website. What are your competitors selling, how much are they selling it for and is it something that you should sell but don’t? Are your competitors offering discounts and promotions that seem to be working especially well? How does their landing page look? Is it easy to navigate? A competitor’s website is a treasure trove of information.
- Do a keyword search. Who is coming up when you perform a search with words your customers and prospects are likely to use when looking for you. If your competitors show up on the first page of search results but you don’t then it’s time to up your SEO game.
- Follow them on social media. If your competition has a large following you can better understand why that it is when you peruse their social media sites. It also will help you to get a glimpse of how they interact with customers and prospects.
- Make a purchase. Wonder what the customer experience is like for a customer of another brand? Become a customer and you’ll get the answer. Along those same lines, give their customer service line a call. Find out how they handle questions or complaints to discover if you could be doing things better.
- Attend tradeshows. Visit competitors’ booths and see what they have to say and how they are presenting that information to prospects. Tradeshows also are often the place where new initiatives are launched so you can get those details first hand.
Keeping a close eye on the competition will help you understand how your competitors are able to succeed. It also will give you some ideas on how you can better promote your products and services and interact with customers and prospects.