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.
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