All entrepreneurs think about their competition most of the time. Your competitors are out there doing everything they can to have a larger market share than you. Sometimes competition is unfair. If you don’t take your time to monitor your competitors and create effective strategies, you’ll soon find yourself out of business.
The business world is evolving at a rapid rate. The entrepreneurs who survive and win are those who have the ability to keep up with emerging trends in the industry. Coming with effective strategies to win and keep your customers will enable your business to grow exponentially. Some organization hire people who can monitor the competition and create effective strategies.
While it’s quite expensive, it always pays in the long run. There is a cheaper way and that involves doing everything by yourself like monitoring the competition, gathering information and creating effective strategies. Today, we are going to discuss nine effective tips on how to research your competition and win big in the end. Let’s get started!
Do more than a Google search
Every research project nowadays begins with a Google search or visiting your competitors’ official site. There are a number of tools supplied by Google or those that relate to your Google search results. Ad words can give you a great insight into the current level of competition. There are a variety of tools that can help you keep an eye on your competition.
They include SpyFu which is a wonderful tool that will help you research the ad words and keywords your competitors are purchasing, Google Trends which will help you stay on top of your industry and see where people who visit the site are directed to and Google Alerts which helps you keep alerts for all your competitors.
Do some reporting
According to essay writing service reviews there are wonderful and budget friendly resources that you can use to check on your competitors both online and offline. You should track and do some reporting regarding your industry regularly. The top organizations do their research and evaluate other organizations that are potential competitors. Knowing the trends and the current market needs will help you stay ahead of your competition.
Use social media platforms
Every growing company is increasingly using social media platforms such as Facebook, Twitter and LinkedIn as marketing tools. Social media platforms are effective at reaching the target market and also budget friendly.
Monitoring your tweets, blogs and Facebook posts is an easy and budget friendly way to keep up with your competitors. Tracking your competition by keeping up with the comments and reviews left behind by customers will help you understand them better and provide what they need. Even if your target market and competition isn’t into social media, you can produce amazing newsletters that you can send your customers regularly.
Speak to your customers
You cannot know what another person needs unless they tell it to you. As an entrepreneur, you cannot guess what your customers want. You have to speak to them and also gather information about your competitors. When you win a customer, it’s important to know what product or service they were using before and why the left your previous competitor.
This also applies when you lose a customer. Discover what their expectations and why they left. If you gather enough information about your customers, you’ll take the driver’s seat and redirect them back to you. You can do this by adjusting your offers or prices to beat the competition.
As Edubirdie review and ultius review reports, attending conferences, shows and events are great ways to learn more about your competitors and what they are offering customers. By attending conferences, you will get tons of amazing tips and ideas on how to improve the operations and performance of your business.
Majority of businesses fail today due to lack of ideas. Conferences will not only improve your business but also your life.
Communicate with your suppliers
If you are working in an industry where you have similar suppliers to your competitors, it would be best of you asked them a few simple questions. You should talk to your suppliers and get to know them on a deeper level.
You might not know what your competitors ordered however, you can ask better questions that will help you make progress. Knowing important facts such as the number of units pre-ordered will help you know what your competition is doing and the products that are currently available in the market.
Hire your competitors
Another effective strategy that will keep you a step ahead is hiring employees and sales people who were working with your competitors in the past. These people understand the structure of your competitors’ organization inside out.
Get to know how these organizations operate and their performance. Find out why they are currently at the top and the markets they are venturing into. Discover why customers love or are dissatisfied with their products or services. Dissatisfied sales people are usually the best.
Find out who they are hiring
You can also a lot by analyzing the type of jobs your competitors want to fill. For instance, if your competitor is hiring an IT expert, you can look at the job description to find out what kind of software or technology they are using. The positions they are hiring will tell you more about their current operations and future goals.
Conduct a survey
If you want to get a comprehensive report about your competitors, you should conduct a survey. A survey will enable you to learn more about your competitors’ price, team performance and response time. “The good thing about surveys is you can always hire an expert to do everything for you. You don’t have to be a spy”, says Melissa Blinks, the competitor manager.
Doing some research on your competition is crucial to your success. Entrepreneurs who don’t take their time to know what their competitors are doing are usually left behind. In our rapidly changing business world, you need to be on top of things to get where you want.
The nine tips discussed above will help you understand and manage your competition effectively. Start using these tips today. Remember, you have nothing to lose.
Thank you for Reading.