Do you want to learn about your business and your audience, one of the best ways to do this is to actually research your competition? Studying the competition takes you out of your comfort zone and puts you squarely in your competitors, this will help you learn many things that can help you in your business to improve profits, products and the service you offer.
Look For Better Keywords to Use
Finding your competitors online gives you a massive opportunity to learn what keywords they rank high for within the search engines. Once you figure this out, you can determine whether or not these are keywords you want to compete directly on, or if you can identify better keywords to use to attract the same audience.
Learn How to Engage Better with Your Audience
Watching how your competition engages with their audience can teach you ways in which to improve your own engagement especially if it’s the same audience. Identifying mistakes and successes in your competition engagement helps you ensure that you’re covering all bases and doing things better than they are.
Ways in Which to Differentiate Yourself
By seeing how you and your competition are the same, you can identify more ways to make your business stand out and be different. The more ways that you can differentiate your business from theirs, the better and the higher your profit will be as your audience will find it harder to compare your business to the pack.
Weak Points to Exploit
By completely studying all that your competition has to offer and understanding it, you can identify gaps in products and services for your audience, which you can fill and capitalize on. This is yet another way to make your business stand out over theirs.
The Best Topics That Elicit Engagement
When reviewing your competition on the social media channels, which topics of discussion and blog posts get the most engagement from their audience? Is the engagement productive or counter-productive? You might also consider following the same audience that your competitors have, this is easy to do on social media and if you engage them better you will stand heads and shoulders above your competition.
Identify Important Niche Influencers
Do they promote affiliates, other businesses, joint-ventures or partnerships from within your niche that you can promote too? Will it help if you start offering these products and promoting the same gurus? If so, how; if not, why not? Can you offer something better?
How Much Do Your Competition Charge for Their Products
Knowing what your competition charges, and how they process the payments as well as deliver their products and services, can go a long way to making good decisions for your own business. I don’t advocate under cutting your competition in fact if you differentiate yourself enough you can charge considerably more, but you need to know the differences between your offerings in order to justify this.
Identify Your Own Product Gaps
Work out what you offer product for product with what your competition offers and see if you have gaps in your own coverage. If you do, fill them with your own complementary products and service so that your competition doesn’t have an advantage.
What Software Works Best
When you try out your competitions’ products or services you can find out what software they use to process orders. Does it work well, do you like it, or does it have issues that can be fixed using a better service? A simple fix on online payments can often increase conversions, so don’t ignore this one.
Using your competition to learn how to run your own profitable business is simple. If you are already part of a niche, or already have a particular audience, find out where your audience goes to get their information and actually order from your competition. Don’t steal or plagiarize but do get ideas on how to make your products better than theirs.