Staying competitive in today’s market can be a challenge. As the business landscape continues to evolve, paying attention to the competition is more important than ever. Businesses are not managed in a vacuum, and understanding what is working — and equally important, what is not working — for other successful companies is an integral step in staying ahead of the competition.
Here are some ways to do this:
Set Up a Google Alert
One of the easiest things you can do, setting up a Google alert, allows you to be immediately notified about major news being reported about you, your industry, or your key competitors.
Track Websites and Monitor SEO
A poor user experience on a website can drive 50% of potential customers to competing businesses. “Keep track of what your main competitors are doing on their websites — paying special attention to anything new or innovative — to ensure you remain viable in this area. Start by paying attention to their SEO. Compare web traffic and look for similarities and differences in their online strategies,” says Marc McAndrew, head of small business, PNC Bank.
Walk Through the Customer Experience
Consumers have indicated in various surveys and forums that they would abandon a brand they are loyal to after three or fewer bad experiences with customer service. It’s worth walking through your competitor’s customer experience from time to time to see how smoothly it operates and what they are doing differently.
Invest in Data Technology
There are many automation tools on the market that help track competitor performance in various areas. Look for companies that offer things like competitive analysis and social posting audits, social media audits, and social listening for a more comprehensive view.
Monitor Prices
In addition to technology, price is one of the most important aspects of a business. Understand where your company fits by comparing pricing strategies among your competitors. Customers are willing to pay more for certain things, so understand your customer base and price accordingly to achieve the best results.
Just having the data above on hand is not enough to make a difference. In addition to evaluating your competitors, establish the following as benchmarks for your business to keep customers coming your way:
• Provide unparalleled customer service;
• Define and build your brand based on the value you provide;
• Position yourself — and your business — as experts in the field;
• Put a face on your product or service; and
• Have a clear and unique voice in the market.
Managing a successful business requires a solid business model, a willingness to keep a close eye on the competition, and the ability to adjust as necessary to stay one step ahead of the competition.
Source: StatePoint