You’d like to think that you’re so much better than your competitors that you don’t need to pay attention at all. But you know that’s not true. You have to give your strong competitors credit for knowing what they are doing too. Face it: one brilliant move on their part and they could leave you behind in the dust. If you keep your eyes and ears open, however, and know smart ways to keep track of what your competitors are doing, you might be able to beat them to the punch – or at least act quickly to keep pace with them.
Smart Ways to Keep Track of What Your Competitors are Doing
1. Watch them.
Let’s start with the obvious: simply watch them with your eyes.
Pay attention to their advertisements. See what products they are selling. Notice the appearance of their building. Take note of their business hours. Know the prices of their products every day and also when they are on sale.
2. See what they are doing online.
When your competitors are offering special products or reduced prices, they will make it known online. They’ll post it on their websites or share it on social media. And along those lines …
3. … Follow their social media accounts.
Don’t worry. It’s OK! They expect you to do it. Most likely, they were following you first anyway – whether you knew it or not. And if so, you wouldn’t want them to know all about you when you don’t know a thing about them, right?
4. Know their target customers.
Which customers are they trying to bring in? Did you think of them? It’s possible they thought of something you did not.
5. Listen to what people are saying about them.
If you know of someone who recently used your competitor’s services or products, see what they thought of them. Take note of the good and the bad.
6. Research them.
If it’s a public company, your competitor’s basic financial records will be available. Take a minute to review them, even if it’s solely to see where they could improve. If you know where they are slacking, you can pick up the slack.
7. Explore the web.
Try typing various terms related to both of your businesses into search engines. Which one of your businesses is higher on the list of results? Doing so will help you improve your SEO techniques; see what they are doing that you have not been.
8. Use analytics programs.
Software and online programs are available that will allow you to run a competitor analysis, which is especially useful if you need to know who your competitors are to begin with.
Contact 602 Creative Studio for Additional Tips
There are many smart ways to keep track of what your competitors are doing, but it’s not something you would do one time only and move on. In fact, you have to be on your toes constantly to make sure you’re not blindsided.
That’s where working with an inbound marketing agency will help; you can focus on providing your customers with great service and products, while the agency focuses on your competitors and improving marketing efforts for your business.
Contact us through our 602 Creative Studio website or by phone at 888-602-0197. We’ll be happy to give you additional tips and help you boost your marketing campaign.