In today's market you have to be willing to compete against other businesses to be successful in your industry. Now that more small businesses are moving their business online, competition is getting fiercer.
You can't stick your head in the sand and hope your competitors won't take your customers away, you need to act and obliterate the competition! Learn how to analyse your competition to outmatch and exterminate them.
What are the risks to your business? There are many factors that can defeat a company, such as the impact of a recession, bad reputation, drop in sales and one of the greatest risks is: competition.
No matter what business you have, you're going to have a competitor and this is a company who is trying to steal the attention of your customers.
If you fail to study your competitors, they will likely overtake you. This is why you need to watch them, see what they do differently and be willing to learn and adapt to show your customers why they should be buying from you and not them.
Why do you need to know your competition's secrets?
1) Improve your business growth
Studying your competition will help your business growth. Each customer your competitor converts, is one less for you. So, what makes your competitor better than you? Do they offer delivery services, extra perks or better prices? Improve your business growth by adding new services or improve your current offerings.
2) Emphasise your strengths
What do you excel at? Do people love your site, your weekly mails or perhaps they just like your business' tone of voice? You need to invest in what makes you better than your competition and exploit their weaknesses.
3) Keeping your business visible online
If you rely on traffic from search engines, you need to determine how visible your competitors are in search results. Are they competing with you for the same keywords? As most people click on the first three results in search engines, competition to be in these top spots is intense. It's important to monitor your competitor's progress and don't let them overtake you.
You can make sure your website is SEO optimised to improve your position in search engines and avoid being hit by penalties.
4) Make your business stand out
As each industry is competitive, you need to find out what your competitors are doing to stay ahead. When searching online for information about products or services, people will turn to leaders in the industry to learn more. Your business needs to offer helpful and educating information so you can stand out from your competitors and people will naturally turn to you for information because they'll trust you.
How to exterminate your competitor in seven steps
How can you turn the tables against your competitors? Competing against your rivals isn't easy, just as you're planning ways to outmatch them, they are most likely plotting to outsmart you too. Business is like an unending chess game.
Here is what you can do today, to help you get started against your competition:
- Firstly take a long hard look at your competitors
- Figure out their weekly schedule
- Publish at the same time as them, with better messages
- Fill in the gaps
- Target competitor specific keywords
- Check your competitors' analytics
Checking your competitor's analytics means you can find out how strong their website is compared to yours and if they are getting more traffic than you. By downloading our free competitor comparison tool (see below) you can access many different tools to help you learn more about their site's analytics.
- Capitalize on a weakness
From your competitor analysis, you've probably found out some of their weaknesses. Take advantage and profit from their weakness. If your competitors are watching you as well, it might not be long before they realise what you're doing and adapt their strategy but in the meantime you can enjoy the profits.
Want to find out how your competitors compare to you? Use our FREE Competitor Comparison Tool and get your online efficiency score:
Have you used our competitor tool? What did you think? Tell us below.