Keeping a close eye on your competition is essential to a successful business. Why? Because, if you know what they’re doing, you can adapt and improve upon your own strategies.
However, keeping track of your competitors can be difficult – especially if you don’t have the time or resources to do so.
In this blog post, we will discuss some easy ways to keep a close eye on your competition without breaking the bank or wasting your precious time.
Why it’s important to keep a close eye on your competition
Understanding your competitors’ moves can have a huge impact on your business, even if you just watch from the sidelines and don’t engage with them directly.
By understanding what’s working or not working for others in the same field, you can make well-informed decisions about how to proceed with your services. Not only that but observation of competitor pricing may inform your own pricing decisions and help you to avoid making a costly mistake.
Studying the behaviour of competitors also helps inform trends in your industry, such as which products are flying off shelves or showing a decline in demand.
Look for clues in how they are promoting their product or service, what kind of messages they are using, or perhaps any new products or services listed on their website. For example, are they about to launch a new promotion that could steal a lot of your customers? Are they pivoting to a new field? It’s in your interest to understand why.
All in all, keeping a close eye on your competition will help you stay one step ahead and proactively react to new trends that could affect your market share.
How to find out what your competition is up to
The first step is to find out who your competition is.
Start by researching the market and identifying other businesses that are providing similar products or services in your area.
Once you have a list of potential competitors, take some time to review their footprint online. By looking at their websites, social media accounts, press releases, etc. you’ll get an idea of what they’re up to and how they’re positioning themselves in the marketplace.
Let’s look at each one in turn.
Social media
Tracking your competitors’ social media accounts can give you a good idea of what they are up to – from new products and services they are launching, to sales they may be offering. Social media is also a great way to see how customers are responding to their products and services.
Don’t follow their profiles as yourself or as your company’s profile though. Create a new one so you stay under the radar. Once you’re following them, keep track of their posts and any updates they make in regards to services, launches, deals, etc. This will give you insight into what they’re up to and allow you to stay ahead of the curve.
Analyse their website
Take the time to look through their website, looking at things like design, content, features, and customer reviews. This can give you insights into what works for them and what doesn’t – helping you develop better strategies for your own business.
Make sure to sign up for any newsletters, or content downloads they offer. Again, do this under a new email address that they cannot link back to you. This will give you access to their latest news and any promotions they’re running so you can be the first to know.
Have you googled them? This simple task can give you a lot of information about a competitor. For example, which media titles have they appeared in? This could be a great source of leads that you could explore too.
Also, which directories are they listed on? Again, these could be worthwhile you exploring not just to help customers find you but also to give your SEO a boost.
Simply make a list of all the sites that mention them and explore why – there could be opportunities for coverage, partnership, or to steal a few ideas!
To stay up-to-date, use a tool like Google Alerts. With this tool, you can set up alerts that notify you every time there’s new information about your competitor online. This way, you’ll always be aware of their latest moves and can adjust your own strategies accordingly.
Industry news
If your competitors are big enough, pay attention to industry news, trends, and reports. By keeping up-to-date on the latest developments in your business sector, you can identify potential opportunities and threats before they become a problem for your business. This can help you stay ahead of the competition and make sure you’re always on top of your game.
Use tracking tools
If you have the budget to spare, there are plenty of tracking tools available that can help you easily monitor your competition’s website, social media accounts, and more. Tools such as Similarweb can give you valuable insights into what they’re doing – allowing you to stay ahead of the game without spending too much time on it yourself.
Interview insiders
Speak to one of their customers or former employees. If you can get an honest opinion about what their business is like and how they operate, then you have a better understanding of the competition. Plus, this can help you create more effective strategies to outshine them.
Make use of reviews
Take a look at the reviews your competitors have received and pay attention to both positive and negative feedback. This can help you understand what customers like or don’t like about their products and services – which could provide insights into how you can improve upon yours.
What to do with the information you gather about your competitors
Once you’ve gathered intel on your competitors, it’s important to use it. But make sure that you double check your information and test any theories before you carry out a massive strategy overhaul at great expense.
Try to understand why they’re doing what they’re doing and then look at how you can take advantage. Could you offer a loyalty bonus to compete with their promotion to steal your customers? Could you employ a copywriter to write a piece of content that outsmarts their flashy new report? Have they made a mistake in a social media post that you could use as part of a humorous campaign?
How often you should check in on competitors
Keeping tabs on your competitors is an important part of doing business. Whether you are a small start-up or a large enterprise, you must stay informed about what’s going on in the wider industry so you can keep up with the competition and identify opportunities for growth.
Checking in regularly helps to ensure that you remain aware of new products your rivals are releasing, allowing you to assess how these might impact your own market share.
It’s important to note, however, that there is a balance between monitoring brand performance too closely and simply keeping an eye out for changes.
Aim to check in with your competitors every few months or at least whenever they launch something new – that way, you will have plenty of time to make necessary adjustments when necessary.
Evaluate your competition and find ways to differentiate yourself
When it comes to any business venture, few things are more important than evaluating your competition and understanding how you can differentiate yourself.
Reviewing the pricing models, available services, and advertising strategies of current competitors, you could identify gaps and opportunities for positioning yourself as a unique offering.
Need a little help in doing this? Let Upmarketry help. Discover how our brand bibles have helped businesses just like yours transform how they reach and connect with customers.
Keeping a close eye on your competition doesn’t have to be difficult or time-consuming. By following these simple steps, you can stay informed and one step ahead of the game!
