What You Can Learn From Your Competition
What You can Learn from Your Competition
Do you know who your competition is and have you visited their websites? If not, you should and you should immediately. Regardless of what you are marketing, you have competition and it will be an invaluable resource for you to see what they are up to. For example, are you selling the same product or is their product just similar to yours? Does their product do something that yours doesn't? What about price? Is theirs cheaper than yours? More expensive?
Researching the Competition
See what I mean? In order to stay competitive, it is essential that you know who your competition is and what they are up to. Also, pay attention to their website. Does it look lively and interesting or boring and bland? Does your website look boring next to theirs? If so, without being a copycat, are you able to get any inspiration from theirs as far as any changes you might be able to make?
When you visit forums, social networking sites, and other places people gather to exchange ideas on the Internet, which websites in your niche get mentioned the most often? Yours or your competitions'? Listen in whether your competition is being praised or complained about because you will learn what the competitions' customers are saying about them and you might even learn what your customers are saying about your business.
Find the Competitions' Strengths and Weaknesses
When you are researching the competition, don't just look at their products and prices but look at their entire marketing campaign. For instance, what kind of customer service do they offer?
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What are their terms and conditions, privacy policy, and return policy? What do you offer in terms of customer satisfaction that they don't? Look for what your competition is lacking that may give you an edge. For example, if they don't accept credit cards and you do, you've found a way to boost your business' image by advertising that you accept credit cards. While it may not be this easy to find a weakness within your competition, look for something that they don't offer that you do offer or will soon offer.
Also, look for what your competition is presently offering that you don't. If you are selling the same product, how many colors does it come in? What about shipping? Can you offer more for less? Check out every aspect of your competition to see where you can improve or at least remain competitive. Remember, too, that your competition isn't likely to be one company or one website but many so plan to spend a fair amount of time on this part of your market research.
Concentrate on finding a way you can do things better, faster, or cheaper when it comes to the benefits your customers will receive by shopping with you. You can't climb to the top of your niche or hope to remain there unless you know what the other players are doing so plan to make this a regular part of your market research from now on. You'll be amazed at how you can profit from the competition and the best part is that it won't cost you a dime!
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