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.

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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.

The Digital 22 Competitor Comparison Tool

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
Look at your competitors, what are they doing that's similar or different to you? Look at their website and find out how they market their business.
  • Figure out their weekly schedule 
You can find out their weekly schedule by signing up to their emails and looking at their social media. Is there a weekly schedule they follow? Do they offer special deals or discounted services every week? Find out how they work and update your weekly schedule too.
  • Publish at the same time as them, with better messages 
If their current strategy is outmatching yours, publish social media messages and blog updates at the same time as them but make sure yours are better. Tempt people to visit your website instead of your competitors. 
  • Fill in the gaps 
What is your competition doing that you're not? Fill in the gaps of your marketing strategy so you're a strong competitor.
  • Target competitor specific keywords
What is your keyword strategy? Find out what keywords your competitors are using and consider adding them to your strategy. They may have found keywords, you've never considered using before. 
  • 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:

The Digital 22 Competitor Comparison Tool

Have you used our competitor tool? What did you think? Tell us below.

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