If you have a business, you most likely have a competitor. You want to identify your competitor (or competitors), what their products are, who their clients are, and figure out how you can be better. We give you three little known tips.
#1 Use Social Media
Besides using Twitter, Facebook, and Pinterest to spread information and news about your business and engage with your current customers, you can also keep tabs on your competitor, who his clients are and what they’re looking for, and identify new services or products you can offer before your competitor does. Also, you can see what is working for your competitors and then find ways to improve upon what they are offering. For example, if one of their best selling products is a training course on learning to code over email, you can offer one that offers training via video conferencing.
#2 Market Surveys
These surveys should be utilized after your have identified your competitors and their services and products. Pore through market surveys to find out what the market is crying out for, that you haven’t created a product for. Now compare that to your competitors’ products. Do they already have a solution? Can you create a product that solves the problem better? Do it – or improve on what you already have.
#3 All the Tools You Will Ever Need
Don’t know where to start on competitor analysis? There is one easy article that will give you more tools than you know what to do with: Entrepreneur’s 37 Marketing Tools to Spy on Your Competitors. You don’t have to use them all but use at least one from each category.
By implementing these techniques, you can make appropriate business decisions to help you out manuever your competition.