Staying competitive in today’s market can be a challenge. As the business landscape continues to evolve, paying attention to the competition is more important than ever. Understanding what’s working — and equally important, what’s not working — for other successful companies is an integral step in staying ahead of the game.
Here are some ways to do that from financial experts:
Set a Google Alert
One of the easiest things you can do, setting up a Google alert, allows you to immediately be alerted of big news that’s being reported about you, your industry or your major competitors.
Follow Websites and Track SEO
Poor user experience on a website can drive 50% of potential customers to competitor businesses. Track what your major competitors are doing on their websites — taking special note of anything new or innovative — to ensure you stay viable in this area. Start by paying attention to their SEO. Compare web traffic and look for similarities and differences in your online strategies.
Go Through the Customer Experience
Consumers have indicated in any number of surveys and forums they would leave a brand they’ve been loyal to after three or fewer bad experiences with customer service. It is worth running through your competitor’s customer experience from time to time to see how smoothly it operates and what they’re doing differently.
Invest in Data Technology
There are plenty of automation tools on the market that help track how competitors are doing in various areas. Look for companies that offer things like competitive and social post analysis, social media audits and social listening for the most complete overview.
Track Pricing
Technology aside, pricing is one of the most important aspects of a business. Understand where your company falls by comparing pricing strategies among your competitors. Customers are willing to pay more for certain things, so understand your customer base and price accordingly for best results.
Just having the above data on hand isn’t enough to make a difference. Besides assessing your competitors, institute the following as benchmarks for your business to keep customers coming your way:
• Provide unparalleled customer service;
• Define and build your brand based on the value you provide;
• Position yourself — and your business — as experts in the field;
• Put a face to your product or service; and
• Have a clear and unique voice in the market.
Running a successful business requires a strong business model, a willingness to keep a keen eye on the competition, and the ability to adjust as needed to stay one step ahead of the game.
