Ever feel like you’re in a high-stakes game of cat and mouse with your competitors? Well, you’re not alone. For small to medium-sized businesses, knowing your competition isn’t just a good idea – it’s a survival tactic. Keeping an eye on your competition isn’t has sneaky as it sounds, it’s really just a very wise business decision, and we all do it. Whether that’s occasionally checking in on your competitors newsletter, or digging deeper to find out how their prices compare to you, it’s okay to have your eye on the ball, in the case where the ball is your biggest competition!
So, how do you do it?
Spy on Their Moves
Channel your inner James Bond and spy on your competitors. Follow them on social media, sign up for their newsletters, listen to the things they are saying in their marketing messages. Being aware of the language they are using, the hooks they are deploying and the customer emotions they are tapping into, will help you to learn how you can use some of the same tactics in your own business. PLEASE, don’t stalk or harass your competitors, this is creepy and illegal!
Size Up Their Strengths and Weaknesses
Every competitor has their own set of strengths and weaknesses – just like us humans. Take a close look at what they excel at and where they fall short. Are they kings of customer service but lacking in competitive pricing? Use this intel to your advantage.
Pricing Power Play
Pricing can make or break a business. Analyse your competitors pricing strategies and see how you stack up. Are they undercutting you, or are you the budget-friendly option? Finding the sweet spot can give you a competitive edge without compromising your bottom line. Don’t forget, never de-value your product or service by lowering your pricing just to beat your competitor.
Customer Chatter Matters
Eavesdrop on what customers are saying about your competitors. Are they raving about a new feature or complaining about poor service? Use this feedback to fine-tune your own offerings and swoop in to save the day when your competitors stumble.
Innovate, Don’t Imitate
While it’s essential to keep tabs on your competition, don’t fall into the copycat trap. Instead of imitating their every move, focus on innovation. Stay true to your brand identity and find creative ways to differentiate yourself in the market.
Form Strategic Alliances
Remember the saying, “Keep your friends close and your enemies closer”? Well, it applies in business too. Consider forming strategic alliances with complementary businesses or industry peers. Collaborating with your competitors can open doors to new opportunities and shared success.
Stay Agile and Adaptable
In the fast-paced world of business, the only constant is change. Stay agile and adaptable to evolving market dynamics and competitor strategies. Keep your finger on the pulse of industry trends and be ready to pivot when necessary.
Keep your friends close and your competitors closer, for in the game of business, knowledge truly is power.
