Every single business has competitors, some businesses will market similar products and services whilst others will target the exact same audience. It therefore makes perfect sense to study your competition to improve your products and services, and audience engagement, your business will improve by the simple act of studying your competition.
How Are Your Competitors Different from You?
No competition is going to be exactly the same as you, you are uniquely you and they are, too. Identify the ways in which your products and services are different. Work out exactly what is different so that you can see whether your products are better or worse, do you need to make changes, or are not your products better and different enough to make your business stand out.
How Do Your Competitors Market to Their Audience?
In what ways does your competition market to their audience? Do they use social media, online advertising, content marketing, email marketing or some other means to get the word out about their products and services? Plus, can you work out how successful are they in their efforts?
How Is Their Product the Same as Yours?
In what ways are your products the same? Is there something about their products that could be confused with yours? If so, how can you make yours stand out better and how can you improve yours so that you are one step ahead of them in terms of the quality of products that you deliver?
How Do Your Competitors Prices Compare to Yours?
Are they less expensive or more expensive than you? Why? Is there anything you can do in order to change your own price to make your products stand out better? If they are cheaper, can you make your products and customer service better enough, not to compete on price.
How Do Your Competitors Use Their Website to Market Their Products?
Check out every aspect of your competitors’ website, from the design layout to the words on the page. Do they have a newsletter sign-up? Do they offer a freebie giveaway? Do they have a blog? Can you see their sales funnel? Try to work out how they are using their website on the whole to market their business.
How Do Your Competitors Use Social Media?
Do your competitors have social media engagement and follows on their website? What social media platforms are they active on? Do they use share buttons on their blog posts? Are they answering questions on social media and engaging with their audience? Knowing how your competition uses and misuses social media can help you become better at using it.
What Type of Content Is on Their Website?
Is your competition using content marketing on their website that is keyword rich? Can you figure out the keywords they are using? Do they use a variety of different forms of content such as text, video, infographics and so forth? Is this engaging comments and interaction with their audience?
How Often Do They Update Content?
Is the content updated often? What days and what time is it generally updated? Is the audience commenting on, liking and sharing their website content regularly? Does your competition share their content updates via social media, email newsletter and other means? Can you do it better?
There is no point in studying your competition once and then sitting back relaxing, instead, take the time to regularly look for new competition and check out your old competition to make sure things haven’t changed since you last looked. You never know what you can glean from the information you collect. In fact, it’s probably a good idea to continue following and observing your competition at all times in order to stay abreast of your industry and to allow you to see opportunities as they arise.