5 Things You Must Know About Your Competitors

By on March 6, 2015
Know About Your Competitors

One of the more important strategies of running a successful business is to keep an eye out for your competitors. It is always wise to know what your competition is doing wrong, and where it is right on track. You can constantly learn from the things that your competitors are doing correctly and incorporate them into your own venture.

Here is a list of things that you must definitely know about your competitors.

Find Out Who Your Competitors Are:

Bear in mind that competitors are not only those who deal in the same products as you, but also those who provide similar services to the consumers and fulfill similar needs. Additionally, with an increased reach of the internet all over the world, your competitors are not limited to your immediate neighbors, but are extended to online retailers as well. It helps to know exactly who your competition is in order to devise a strategy to tackle them.

Customers of the Competition:

The best and easiest way to determine who the most regular customers of your competition are is to look at the testimonials on the competitor’s website. This way, not only will you know the social strata of your competitor’s customer base and what kind of services they are receiving from their business, but also what clients they have been missing out on so far.

Social Media Reach:

This is an age where everyone with internet access has a social media profile. Businesses are not too far behind in this race to seeking online validation, either. Check out your competitor’s profile on Facebook or even their own website, gauge how people are reacting to their posts online, and keep an eye on the number of likes on their page. Some more things to look for on your competitor’s social media page are what type of content they publish, how responsive their fans and followers are to this content, how shared their content is, and how often it goes viral online. Dig deep and understand what they are doing right, and how they are doing it.

Top Keywords:

As more and more consumers depend upon the internet to find out any information they want about companies and the services that they provide, knowing the keywords that the consumers are typing in the search bar is inarguably essential. If the keywords they are using lead straight to your competitor’s website, then co-opting for similar keywords will give your business a boost and help you attract a client base over the internet, thus providing you with an opportunity to serve them. It is wise not to undermine the significance of the internet and use it to your advantage instead.

The Vulnerable Points:

Every business has a vulnerable point, areas where they are weak. You will always be at an advantage if you know where your competitor is weak, what kinds of customers they are not particularly good with, and who they consider as a threat. This information will allow you to penetrate certain markets and deal with certain customers far more easily than your competitors can.

These are just a few tactics to stay one step ahead of your competitor in the market. You can learn more in detail about things that you need to know about your competition here.

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