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Keeping Up With Your Competitors: 3 Easy Ways

Two business owners face each otherKnowing what’s happening with your rivals is or should be a vital part of operating a successful business. Unfortunately, many companies tend to ignore this, which isn’t a great idea especially in today’s increasingly competitive market conditions. Your competitors could be very well monitoring your every move to try and get a “one up” on you. There are tons of simple ways you could check on your rivals, below are three of them.

A Desk and your Computer

You could obtain tons of valuable information without having to get up your chair. Visit your rivals’ websites, social media, and look at their brochure to check where and how they’re positioned in the market. Even googling your competitors’ names could give all kinds of things such as reviews and feedback from satisfied and unsatisfied customers and staff.

If you use third-party sellers, find out which competitors do as well to figure out their distribution strategy. For instance, if they’ve already penetrated and cemented their brand in one town but not the other, you could see where you could position your business ahead of theirs and go from there.

Take Advantage of Customer Opinions

Ask them what they think of your business and other businesses in the same sector or area. Also, consider doing some mystery shopping, though you might need to do a couple of trips to get a more accurate idea of how they operate. You could likewise call them up to check their offerings, and they manage their customers.

Also, since consumers are always on the lookout for bargains, it’s essential that you know what discounts your competitors are giving consumers. You could easily do this by using competitor price monitoring software.

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Analyzing your Competitors

Once you start monitoring your competitors, you might find that some competitors aren’t your primary rivals. For instance, if you sell carefully selected high-end clothes, you might be thinking that your main rival is the other shop down the road selling similar items. However, you might find that both of you are probably competing with online retailers and huge out-of-town sellers. Knowing how to determine and analyze your main competition is vital so that you could tweak your marketing strategy.

It’s not always easy to stay ahead of the competition, but it’s something that you should strive to do. By following the tips mentioned above, you could get a leg up on your competition and even discover opportunities you didn’t know you had.

  • Posted on December 8, 2017