How to Keep Up With Your Competitors

by Mar 24, 2022

Get 60% off the ‘Secrets of a Six Figure Freelancer’ ebook today

As a successful business owner, your first priorities are on doing quality work and serving the needs of your clients. But if you make the mistake of ignoring your competitors, you could be in trouble. Keeping up with the competition—and pulling ahead of them—can make a huge difference in your bottom line.

Understand What They Do Right

Your competitors are staying in business because they’re doing something right, and you need to find out what that is. It’s helpful to regularly monitor their websites and social media posts to understand their services and marketing strategies. Reviews of competing businesses on third-party sites are also helpful in learning what present and former clients are saying about them.

If you have a good understanding of what people like about your competitors, you can review your own practices to see how they compare. Armed with this information, you may be able to make changes to your own business model to provide the same or better services.

Find Out What They Aren’t Doing

At the same time you’re looking for your competitors’ positives, also look for their negatives. Often, the key to beating competitors is to do what they aren’t doing. These are openings for you to innovate, expand your services, adapt your marketing, and capture their clients’ business.

Only half of companies use marketing correctly, creating opportunities for your business. Your competitors may be missing key niche markets that you can zero in on. Or, they may be ignoring trends that you can highlight in your own campaigns. Reaching your target market is essential.

Give Something Extra

When similar businesses offer comparable services and prices, the prospective client may be persuaded by the company that gives them just a little extra. Offering discounts on bundled services or extended contracts is one strategy that benefits both the client and you. To attract new clients, try giving bonuses for referring new clients.

Improving customer service is another tactic. You might offer quicker delivery or turn-around than your competitors. Personalized service is always appreciated. Taking time to listen to clients and solicit feedback can boost satisfaction and build brand loyalty.

Watching your competitors can give you insights into keeping your own business fresh, vital, and relevant. Information about what competing businesses are doing (and not doing) is crucial to understanding the market landscape and assessing where your business can excel.

Need help with marketing your business? Get a step-by-step guide here!

Other Posts You Might Like

How to Run a More Competitive Business in Your Niche

A niche is a specific segment of the market that offers a specific good or service. It is highly unlikely...
Read More

Issues That Can Cost Your Business Money If You Ignore Them

No business can avoid all issues altogether, but with a little work, you can make sure that you catch issues...
Read More

How to Avoid Cybersecurity Issues for Your Business

With the development of helpful business and technology, you might feel like your business is more effective than ever. However,...
Read More

How to Help Close a Deal With New Clients

As a small business owner, it's essential to know how to close a deal with new clients. If you can...
Read More

What You Need to Avoid Tax Trouble at Your Small Business

Keeping track of your business’ finances is integral to maintaining a successful company. You need to ensure you’re making smart...
Read More

How to Keep Your Business Thriving When You’re Burnt Out

As a business owner, it’s easy to become overwhelmed. You have many responsibilities on your plate and you might feel...
Read More

How to Create More Compelling Content on Social Media

Social media is an essential part of modern-day advertising and branding. The amount of time that the average individual spends...
Read More

5 Ways to Save Money During Inflation

With many economists expecting inflation to get worse, many consumers are looking for ways to save money during these expensive...
Read More

Resources Every Business Owner Can Benefit from Utilizing

When you’re running a business, it’s important to be aware of the resources that can help your business be more...
Read More

How to Be a Tech-Savvy Small Business Owner

When you run a small business, every skill you bring to the table is going to be a major benefit...
Read More

Hi, I’m Kate

Hey, I’m Kate! I’m a designer, digital nomad and founder of Six Figure Freelancers – I love to help talented tech pros start businesses.

Work with Me

Get The Book

AppSumo badge

Featured Post

Pin It on Pinterest