Your Competitors
If competition is so beneficial, why is there only one Google and one Facebook? These companies didn't rise to the top by being completely ruthless; they succeeded by understanding what their customers wanted and what their competitors weren't providing.
In the distant past of the 1990s, discovering how your competitors operated and promoted themselves was a challenging task. I still recall salespeople showing up at my mother’s address to sell industrial products because I used her address to receive literature, concealing my true identity.
Today, market research on competitors is straightforward. With their websites and use of Google, it’s easy to learn about their offerings and compare them to your own.
However, a simple glance at their site isn't enough to fully understand their strategies. You need a structured approach to this vital activity. Here’s what we suggest:
Identify Your Competitors
- Visit their websites
- Schedule regular check-ins: Spend 30 minutes every other week, or more frequently if needed, to review their sites for changes, special offers, new products, etc.
- Join their mailing lists: Even if it requires setting up a fake Gmail account.
- Analyse their promotions: Understand how they market their businesses
Market Knowledge is Power
By knowing what your competitors do, what they offer, and how they communicate with your customers, you can develop strategies to compete more effectively. Recognising phrases or terminology from competitors’ sites will better equip you to respond to your customers.
Understanding your business is crucial, but knowing your competitors provides a complete market picture, aiding in more effective competition. Competing doesn't always mean offering lower prices; it means understanding client needs and delivering effective solutions. Don’t operate with blinkers on; use the tools and power the Internet provides to understand your competitors’ offerings.
Website Angels Can Help
If this seems overwhelming, Website Angels is here to assist. As part of our retainer marketing service, we can help you monitor and analyse your competitors' strategies, ensuring your website and marketing efforts stay ahead. Contact us today to learn more about how we can support your business in this essential task.